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Bloomberg: EU to start work on 12th Russia sanctions package

by Martin Fornusek October 21, 2023 10:11 AM 2 min read
The EU and Ukrainian flags in front of the European Parliament in Brussels, Belgium, July 2023. (Thierry Monasse/Getty Images)
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The EU will start consulting with member countries on the next sanctions package against Russia over its invasion of Ukraine in the coming days, Bloomberg reported on Oct. 20, citing undisclosed sources.

The bloc's 12th sanctions package could include a ban on Russian diamonds, a further crackdown on Russia's ability to circumvent sanctions, and listing companies in third-party countries that help Moscow to do so, Bloomberg said.

Despite Western sanctions, Russia's diamond sales keep filling the Kremlin's coffers amid the ongoing full-scale invasion of Ukraine.

Russia's main diamond producer, Alrosa, sells its product to Western brands through intermediaries in third-party countries, an investigation by the Kyiv Independent revealed.

That diamond ring? It may have helped pay for Russia’s war
Editor’s note: This story uses sources who are speaking on condition of anonymity since revealing their identities would heavily damage their careers and expose them to legal and personal risks in the diamond industry. Their identities are known to the Kyiv Independent. Top findings: * Despite th…

Brussels also reportedly seeks to expand the list of restricted dual-use goods with military applications, yet another product that Moscow manages to obtain via third-party states.

The European Commission warned earlier that if diplomatic channels are insufficient to prevent third-party countries from re-exporting sanctioned products, the European bloc can ban exports to those states as well.

According to Rikard Jozwiak, a journalist at Radio Free Europe/Radio Liberty, discussions between the European Commission and the EU ambassadors on the new package are to begin between Oct. 21-22. European leaders hope to reach an agreement in November through December, he added.

The EU imposed its previous 11th sanctions package in June, aimed at countering sanctions circumvention, mainly in dual-use products and in Russian oil trade.

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