Skip to content
Edit post

Bloomberg: EU's new Russia sanctions package to target diamonds, oil cap, dual-use goods

by Martin Fornusek November 15, 2023 4:52 PM 2 min read
A European Union (EU) flag next to the European Commission building in Brussels, Belgium, on Nov. 10, 2023. (Simon Wohlfahrt/Bloomberg via Getty Images)
This audio is created with AI assistance

The EU's upcoming 12th sanctions package may include export bans on machine parts and other dual-use goods Russia uses for producing arms against Ukraine, Bloomberg reported on Nov. 15, citing documents it obtained.

Other proposals reportedly include the much-awaited ban on Russian diamonds and measures to reinforce the $60-per-barrel price cap on Russian seaborne oil, which Moscow mostly managed to circumvent.

Despite the initial success of the price cap imposed by the EU, the U.S., and the Group of Seven (G7) last December, the vast majority of Russian crude is now being traded above the $60 threshold.

The product is being shipped by the so-called "ghost fleet" of vessels sailing without insurance and other services provided by Western companies or using falsified documentation.

Nonetheless, sanctions related to the price cap violations and other measures managed to thin Moscow's oil profits in October.

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…

The new sanctions package may require companies to detail shipping and insurance costs for the Russian oil cargo to ensure greater transparency, EU diplomats told Reuters.

"The logic of imposing more transparency is to prevent shipping companies from hiding the real price of the oil carried by the tanker by merging it with shipping and insurance costs," one EU diplomat said

The EU also reportedly proposed to restrict exports of dual-use goods like chemicals, lithium batteries, thermostats, as well as motors and servomotors for drones that Russia uses for military production.

Bloomberg noted that the member states are expecting to discuss the proposals this week, and the content of the package may yet change.

The European Commission President Ursula von der Leyen said in late October that the work on the 12th package is underway, noting that the bloc members consider restrictions on Russian diamond sales.

The EU also seeks to strengthen the effectiveness of the sanctions already imposed against Russia over its invasion of Ukraine, von der Leyen noted. The bloc imposed its previous 11th sanctions package in June, aimed at countering sanctions circumvention, mainly in dual-use products and in Russian oil trade.

Join our community
Support independent journalism in Ukraine. Join us in this fight.
Support us


Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

7:50 AM

Biden, Italian PM Meloni to hold talks amid Ukraine concerns.

U.S. President Joe Biden is scheduled to meet with Italian Premier Giorgia Meloni at the White House on March 1, amid challenges faced by the Democratic administration in garnering support from House Republicans for legislation aimed at providing assistance to Ukraine.
2:23 AM

France will order 100 drones for Ukraine.

France will order 100 drones from the French company Delair that will arrive in Ukraine this summer, French Minister of the Armed Forces Sebastien Lecornu announced on Feb. 29.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
9:45 PM

Zelensky replaces Logistics Forces commander.

President Volodymyr Zelensky dismissed Oleh Huliak from the position of commander of Ukraine's Logistics Forces, replacing him with Volodymyr Karpenko, according to his decrees published on Feb. 29.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.