Friday , 17 May 2024
Global Economy

EU sanctions

Since Russia's attack on Ukraine at the end of February, the member states of the European Union have decided in several rounds of sanctions – against Russian politicians, oligarchs, to weaken the Russian economy and the country's financial system. An overview of the sanctions.

people and organizations

After the annexation of Crimea in 2014, the EU imposed sanctions on individuals and organizations. This list has become significantly longer with the Russian war of aggression in Ukraine: there are now 108 organizations and more than 1,200 people on the sanctions list.

Among them are Russian President Vladimir Putin, Foreign Minister Sergey Lavrov and other members of the Duma. In addition, the EU sanctions businessmen and oligarchs – like the billionaire and former owner of the English football club Chelsea FC, Roman Abramowich. They are all barred from entering the EU and their assets should be frozen.

Actually, the EU also wanted to impose punitive measures against the head of the Russian Orthodox Church, Patriarch Kirill – but a veto by Hungary prevented this.

Miscellaneous goods from Russia

The 27 member states have particularly struggled to stop imports of Russian oil. It is now coming gradually: the import ban on crude oil is to take full effect from the end of the year, and that for petroleum products from next February. However, Hungary, which has no access to the sea, had managed to temporarily allow imports of Russian oil via pipelines. Nevertheless, according to the EU, the embargo will affect almost 90 percent of Russian oil supplies to Europe.

As of this month, no more Russian coal may be imported into the EU. Also on the sanctions list: steel, iron, wood, cement, but also caviar and vodka.

There are also products from the EU that can no longer be brought to Russia. This includes, among other things, cutting-edge technology, spare parts and equipment for the aviation industry, a range of goods that can be used for civil as well as military purposes. And luxury products like certain cars and watches.

According to a decision by the member states, aircraft from Russian companies or private jets are no longer allowed to land at any airport in the EU, and the airspace has been closed to them since February. Russian freight forwarders are no longer allowed to send their trucks to the EU. In addition, European ports are closed to ships flying the Russian flag. But: The transport of certain products remains permitted.

At the end of February, the EU decided to impose sanctions on the Russian central bank and to ban transactions with it. Ten Russian banks were also excluded from the international information system Swift – including the largest financial institution, Sberbank. Recently, the EU tightened sanctions against them. Funds are now also to be frozen.

In order to take action against the spread of disinformation and propaganda, Russian media are also on the sanctions list. These include the channels Sputnik, Russia Today and their subsidiaries in Germany and France. This means: You are not allowed to distribute your program via cable, satellite or online. The journalists, it is said, are still allowed to research and conduct interviews in the EU.

The various sanctions imposed by the EU are not aimed at trade in agricultural products and foodstuffs. This is emphasized again and again in Brussels – and in doing so they want to refute the Russian accusation that the EU sanctions are contributing to the food crisis.

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