Jakarta, CNBC Indonesia – The European Union (EU) decided to agree to a coal embargo from Russia, Thursday (7/4/2022) local time. This rule will take effect in mid-August 2022.
This is a new step in the EU’s fifth package of sanctions against Russia that the European Commission proposed this week. However, the implementation target was slightly pushed back from the initial plan in July, due to the German request.
quote Reuters, the EU’s new “bomb” is a reaction to the so-called massacre of the West and Ukraine, carried out in Bucha. At least 300 bodies of civilians were found in the city not far from the Ukrainian capital Kyiv, after Russian troops withdrew from the region.
A diplomat said most coal contracts were short-term, no more than 90 days, although some were more than a year. This scheme is believed to allow most of the contracts to be concluded without the need for cancellation, in order to avoid legal risks.
Europe itself is known to import 45% from Russia. The European Union Commission estimates the coal ban could cost Russia $4.36 billion a year in lost revenue.
The sanctions package also includes a ban on exports to Russia of high-tech goods. There was also an additional freeze on the assets of Moscow’s banks.
Previous attacks on Ukraine have made the EU blacklist 200 names of Russian citizens. Recently, two daughters of Russian President Vladimir Putin were also sanctioned.
“Russia will experience a prolonged downturn due to economic, financial and technological isolation,” European Commission President Ursula von der Leyen said on Twitter.
(boss / boss)
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