The European Union imposes more sanctions on Russia in a fifth package of sanctions

The sanctions package is divided into six different pillars, the first of which relates to a ban on the import of Russian coal worth 4 billion euros annually. The second concerns a complete ban on transactions for four major Russian banks, including VTB.

Moreover, a ban will be imposed on Russian ships and a ban on their entry into EU ports. Some exceptions will cover essential items, such as agricultural and food products, humanitarian aid and energy.

In addition, an additional export ban worth 10 billion euros will be imposed in regions where Russia is vulnerable. This includes quantum computers, advanced semiconductors, and transport equipment.

The fifth pillar consists of specific new import bans worth 5.5 billion, which will hit both Russia and its ruling oligarchy. The ban applies to timber, cement, shellfish and spirits, among others.

In the sixth pillar, the EU prevents Russia from participating in public procurement in the Union. Moreover, they are excluded from financial support “because European state money should not go to Russia in any way.”

Finally, the commission wrote that it is working on additional sanctions, including on the import of Russian oil.