In its latest round of sanctions, the European Union (EU) is proposing to introduce a phased ban of Russian aluminum, Bloomberg reported on Jan. 28 citing unnamed sources.
The bloc, which covers 8% of its annual aluminum needs by Russian imports, plans to allow for the import of 275,000 metric tons of aluminum under a quota system for one more year before banning it entirely, the outlet reported.
The sanctions will also cut off more Russian banks from the SWIFT banking system, and target an additional 70 vessels suspected to be part of Russia’s "shadow-fleet."
Imposing or continuing sanctions requires a unanimous decision by the bloc's member states.
The European Union foreign ministers approved the extension of current sanctions against Russia for another six months on Jan. 27, after bumpy negotiations with Hungary's Prime Minister Viktor Orban who has threatened to veto the extension until Ukraine resumes the transit of Russian gas through its territory.
Hungary eventually voted for the renewal of the sanctions package after received the "requested guarantees" on energy security, its foreign minister said.
Ukraine terminated Russian natural gas transit through its territory on Jan. 1. Kyiv has repeatedly warned that it would not extend the agreement when it expires at the end of 2024 because it did not want to finance Russia's war.
The end of transit led to a spat between Kyiv on one side and Hungary and Slovakia on the other, with the two latter countries complaining the decision endangers their energy security.
Ukraine continues to transit Russian oil, though a bill on banning the transit has been registered in the parliament.
The EU has imposed 15 sanctions packages against Russia, which include restrictions on individuals and legal entities. The limitations also targeted Russia’s so-called "shadow fleet" of oil tankers and froze Russian assets, among other moves.
Chris York
(Updated: )
