By Francesco Guarascio
(Reuters) – The European Commission proposed sweeping new sanctions against Russia on Tuesday including banning coal imports and halting trade worth nearly 20 billion euros ($22 billion) in retaliation over possible war crimes in Ukraine.
Here is a rundown of the measures, which must be approved by all 27 European Union states.
They could be adopted this week.
IMPORT BAN
The proposals include banning imports of coal, wood, cement, liquors and seafood worth about 9.5 billion euros ($10.4 billion) a year, according to the European Commission. A source said the restrictions would also hit caviar, vodka, rubber and chemicals.
Coal alone is worth 4 billion euros a year, the Commission said. As a comparison, the EU imported about 100 billion euros of oil and gas from Russia last year. The Commission said it was working on possible sanction on oil, as well.
EXPORT BAN
Brussels is proposing a ban on exports to Russia worth another 10 billion euros a year, including of advanced semiconductors, quantum computers, and other electrical and transport equipment. The export of technology for liquefied natural gas (LNG) would also be banned, according to a source.
SHIPPING
Russian vessels and trucks would be prevented from accessing the EU, further crippling trade. Energy products, food and medicines would be exempted, meaning for example that LNG cargoes from Russia would not be affected.
Applying the sanctions may be complicated, officials have repeatedly said because it is not always easy to identify the origin of a cargo ship.
The new sanctions would effectively halt transport of goods by road and sea. The EU has already banned air traffic with Russia.
RUSSIAN BANKS
The commission also proposed banning all transactions with VTB and another three Russian banks which have already been excluded from the SWIFT messaging system.
INDIVIDUALS
Thirty six more individuals, including oligarchs and politicians, will be added to the EU’s sanctions list, according to an EU source. The existing sanctions list already comprises hundreds. In addition to this, separatist leaders would also be added.
COMPANIES
The Commission also proposed a ban on participation of Russian companies in public procurement in the EU and the exclusion of all financial support to Russian public bodies.
(Reporting by Francesco Guarascio; Editing by Carmel Crimmins)
