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EU bans investment in Russian energy in new sanctions barrage
The European Fee mentioned in an announcement on Tuesday that the sanctions included “a far-reaching ban on new funding throughout the Russian power sector with restricted exceptions for civil nuclear power and the transport of sure power merchandise again to the EU.”
There will even be a complete ban on transactions with some Russian state-owned enterprises linked to the Kremlin’s military-industrial advanced, the EU govt mentioned.
The bloc reached a preliminary settlement on the brand new sanctions on Monday, and no objections have been raised earlier than an agreed deadline.
The ban on Russian metal imports is estimated to have an effect on 3.3 billion euros ($3.6 billion) value of merchandise, the Fee mentioned.
EU corporations will even be now not allowed to export any luxurious items value greater than 300 euros, together with jewellery. Exports of vehicles costing greater than 50,000 euros will even be banned, EU sources mentioned.
The bundle additionally prohibits EU credit standing companies from issuing scores for Russia and Russian corporations, which the Fee says will additional prohibit their entry to European monetary markets.
The EU additionally agreed on Tuesday to strip Russia of its “most-favored nation” commerce standing, opening the door to punitive tariffs on Russian items or outright import bans.
UK slaps 35% tariff on Russian vodka
The UK authorities additionally introduced a contemporary spherical of sanctions on Russia on Tuesday. It should ban the export of luxurious items to Russia and can introduce tariffs on Russian items value greater than $1 billion. The extra 35% tariff can be utilized to imports together with vodka, metal, artworks and fur.
The UK will even deny Russia and Belarus entry to its most favoured nation buying and selling tariff for a whole bunch of their exports, successfully depriving each international locations of key advantages of their WTO membership.
“Our new tariffs will additional isolate the Russian financial system from international commerce, guaranteeing it doesn’t profit from the rules-based worldwide system it doesn’t respect. These tariffs construct on the UK’s current work to starve Russia’s entry to worldwide finance, sanction Putin’s cronies and exert most financial stress on his regime,” finance minister Rishi Sunak mentioned in an announcement.
— CNN’s Rob North contributed to this text.