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EU Proposes New Sanctions Against Russia: Ban on Diamonds and Oil Price Cap

The European Commission (EC) has proposed new sanctions against Russia over its war in Ukraine, imposing a ban on Russian diamonds and strengthening other measures such as a cap on oil prices, it said, citing EC documents. Politico.

Since Russia’s invasion of Ukraine, Brussels has implemented 11 sanctions packages targeting various areas. The latest sanctions packages are more focused on measures to prevent sanctions circumvention, as the other measures are either politically sensitive or could harm the EU more than Russia.

The proposed EU sanctions package, which has yet to be signed, includes a ban on Russian diamonds that was not included in previous EU packages. Although Washington has already banned Russian diamonds, the EU’s delay is partly due to Belgium’s concern to protect its diamond trading center in Antwerp.

The ban will come into effect from January 2024,

but the indirect import ban on Russian-processed diamonds in non-EU countries will be implemented gradually, as technical work is currently underway to establish a traceability mechanism at the G7 level.

The new EU sanctions package includes tougher requirements to prevent Russian oil bought in violation of existing sanctions being sold with fake receipts. Currently, the G7 price limit of $60 per barrel (about €55) is in place, but Russian crude is reportedly trading well above that limit, increasing the Kremlin’s profits.

“The basis of the price cap mechanism is an attestation process that allows operators involved in the Russian oil supply chain by sea to prove that it has been purchased at the maximum or minimum price,” Politico cites the text of the EC document which states that “it is reasonable to include detailed additional costs such as insurance and freight in claims attestations”.

As written Politico, the sanctions aim to address concerns about possible manipulation of or circumvention of Russian oil price caps. The proposed changes would make this more difficult, but it remains unclear whether sufficient oversight will be in place to prevent questionable transactions from taking place.

The proposed EU sanctions package also extends restrictions on imports of Russian pig iron, copper and aluminum wire and foil. In addition, according to EU diplomats, it introduced new restrictions on Russian liquefied propane (LPG) at the request of Poland and the Baltic states.

EU diplomats who Politico on condition of anonymity, said the proposed sanctions package is scheduled to be considered on Friday. Although the timetable for approval is not yet known, the aim is to achieve approval before the European Council meeting in mid-December or by the end of the year at the latest.

Read more: US imposes new sanctions on Russia over war in Ukraine

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2023-11-15 12:38:54
#preparing #impose #sanctions #Russia #BNN #NEWS

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