EU reduces Russian imports by another 10% with new sanctions
Sanctions against Russia
With every new fact of Russian atrocity army, the European Union imposes new sanctions on Russia. The latest such package of sanctions will cut Russia's exports to the EU by 10%.
On Friday, April 8, the European Union adopted a new package of sanctions against Russia. It included bans on the export of coal (begins to operate from mid-August), timber, chemicals, products, etc. According to experts, this is about 10% of all Russian exports to the EU, not taking into account the ban from previous sanctions. In general, due to direct sanctions, a reduction of up to a fifth of all exports from Russia by value is expected.
It should be noted that only the export of coal from Russia to the EU brought the occupying country 8 billion euros per year. In addition to coal, the new sanctions ban many other goods and products from Russia, including timber, rubber, cement, fertilizers, high-end seafood such as caviar, and spirits such as vodka, totaling an estimated 5.5 billion euros.
At the same time, oil and gas supplies from Russia were again not included in the sanctions list. Although this is what fills the Russian treasury, and therefore finances the war against Ukraine – 100 billion euros a year.
The EU also restricted the export of a number of goods to Russia, in particular aviation fuel, quantum computers, advanced semiconductors, high-quality electronics , software, transport equipment for a total cost of 10 billion euros per year. By adding preliminary export bans on other technologies, the EU has blocked about a quarter of its total exports in value terms.
Also, another 18 organizations were hit by sanctions – their assets in the EU were frozen. Among them are 4 banks: VTB, Sovcombank, Novikombank and Otkritie. They were cut off from SWIFT.
But as in the case of Russian oil and gas, the two Russian banks that pay for energy supplies – Sberbank and Gazprombank – again escaped sanctions.