The European Union (EU) is currently engaged in discussions regarding a new round of sanctions that would impact approximately €5 billion ($5.3 billion) of trade with Russia, according to Bloomberg sources. This proposed 12th package of restrictions would further tighten the EU’s grip on Moscow’s revenue sources and industry. The measures being considered include export restrictions on welding machines, chemicals, and technology used for military purposes. In addition, software license bans and restrictive measures on imports such as processed metals, aluminum products, construction items, transportation-related goods, and diamonds are also under consideration.
The import and export measures being discussed are estimated to add up to €2.5 billion each. However, the ban on diamonds is dependent on a G7 agreement to track and trace these precious stones across borders, but it is expected to be finalized soon, say the sources. The objective of this package is to disrupt Russia’s ability to bypass existing bans by acquiring components, technologies, and electronics through third countries for use in weapons in Ukraine or their production.
Brussels is looking to expand the existing transit ban and include more goods, as well as list additional companies in third countries. These proposed measures are part of the EU’s ongoing efforts to exert pressure on Russia in response to the Ukraine conflict. So far, the bloc has imposed 11 previous packages of sanctions against Moscow.
The effectiveness of these sanctions, however, has been the subject of debate. Some argue that they have failed to achieve their desired goal, as evidenced by the ongoing conflict in Ukraine and Russia’s continued support for separatist movements in the region. Others claim that the sanctions have had a significant impact on the Russian economy, causing hardship for both businesses and ordinary citizens.
Nevertheless, the EU remains committed to using economic pressure as a means of influencing Russia’s behavior. In addition to these proposed new measures, the bloc has already implemented a range of sanctions, including asset freezes, travel bans, and trade restrictions, targeting key individuals and sectors of the Russian economy.
It is worth noting that the EU’s approach to sanctions has been a topic of discussion among its member states. Some advocate for tougher measures, while others express concerns about the potential negative effects on their own economies. These internal debates reflect the complex dynamics at play within the EU and highlight the challenges of implementing a unified and effective sanctions regime.
As negotiations continue, it remains to be seen what specific measures will be included in the EU’s 12th package of sanctions against Russia. The outcome of these discussions will have important implications for the relationship between the EU and Russia, as well as the ongoing conflict in Ukraine.