Barbados Times

Barbados, Caribbean & World News
Saturday, Apr 01, 2023

Russian banks and exports set to be hit in new EU sanctions

Russian banks and exports set to be hit in new EU sanctions

European Commission briefed ambassadors in small groups over the weekend on a 10th sanctions package.
The EU is set to hit Moscow with new financial sanctions, trade curbs and a ban on Russian nationals serving on boards of critical European infrastructure companies such as power grids, EU diplomats and officials told POLITICO's Brussels Playbook.

The European Commission briefed EU ambassadors in small groups over the weekend after the executive's president, Ursula von der Leyen, announced some elements of the 10th sanctions package at a joint press conference with Ukrainian President Volodymyr Zelenskyy last Thursday.

Brussels is set to include new financial sanctions against four Russian banks including the country's largest private bank, Alfa-Bank, founded by Russian-Israeli billionaire Mikhail Fridman.

The EU is also mulling a ban on Russian nationals serving on boards of critical infrastructure companies in the EU, such as electricity grids or gas providers.

There will also be new listings of some 130 entities and people. These include Russian military leaders, officials installed by Russia in the occupied territories in Ukraine, and journalists working for Russian state media outlets such as Russia Today. Also covered will be companies and individuals in other countries with links to Russia’s war effort or the Wagner mercenary group, and Iran, which is accused of selling drones and components to Russia’s military.

According to the European officials, the EU is preparing trade bans on imports of Russian rubber and asphalt, and on exports to Russia of EU goods including trucks, other heavy vehicles, construction machines, pumps and other equipment used in the construction sector. The package also includes additional export bans on electronic components that Russia could use to make weapons.

It’s unclear, officials said, whether diamonds will make it into the package. Belgium, whose port city of Antwerp is a global hub for the diamond trade, is working with the European Commission and the G7 on an international traceability system for Russian diamonds. Belgian Prime Minister Alexander De Croo is under domestic political pressure to include a ban on Russian diamonds in the 10th sanctions package.

To tackle the circumvention of sanctions, Brussels is also planning to list a Dubai-based shipping company, suspected of helping Russia circumvent sanctions on oil exports. The company is believed to have bought several Russian oil tankers, which were no longer allowed to ship oil because of EU and international sanctions on Russian-owned entities. Under their new Emirati ownership, the tankers can again ship oil.

One EU country has now asked the EU to list that company in the new sanctions package, in order to prevent it from increasing Russia’s capacity to export oil, two people involved in or briefed on the sanctions discussions told POLITICO.

But two diplomats and one official cautioned there had been some opposition from Mediterranean countries during the discussions with the European Commission. The tankers in the past operated under Cypriot flags, but are now believed to have changed their flags to a tax haven — so there should no longer be any logical reason for any EU country to oppose the move against those ships, one of them argued.

EU ambassadors are set to discuss the package at their meeting on Wednesday.
Newsletter

Related Articles

Barbados Times
Close
0:00
0:00
Don’t Dismiss China’s Peacemaking Bid
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
Nashville style execution
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
AMERICA, 2023
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
UK: Humza Yousaf replaces Nicola Sturgeon as SNP leader and first minister in Scotland
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Mexican President Claims Mexico is Safer than the U.S.
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
×