(MENAFN) The European Union has unveiled a fresh round of "biting" sanctions aimed at increasing pressure on Russia's leadership and economy.
Based on the announcement launched on its website on Thursday, the sanctions package “introduces into EU legislation the basis to put in place a price cap related to the maritime transport of Russian oil for third countries and further restrictions on the maritime transport of crude oil and petroleum products to third countries.”
The EU is also extending an import restriction on steel items originating in or exported from Russia. Wood pulp and paper, cigarettes, plastics and cosmetics, as well as materials used in the jewelry industry such as stones and precious metals, are also subject to further limitations. The aviation industry is facing new limits on the sale, transfer, and export of commodities.
Furthermore, the penalties target more individuals, including those in Russia's defense ministry. They also prohibit EU citizens from serving on the boards of some Russian state-owned enterprises, corporations, or bodies.
“We are further hitting Russia’s war economy, limiting Russia‘s import/export capacities and are on the fast-track to liberate ourselves from Russian energy dependence,” EU top diplomat, Josep Borrell stated.
MENAFN07102022000045011137ID1104984333
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.