Wednesday , 17 July 2024
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Global Economy

New EU sanctions are to come into force

New EU sanctions against Russia are set to come into force today. The so-called written decision-making procedure has been set in motion in Brussels – this is usually only started if no EU member has any more objections.

An import ban on Russian gold is new. But its effectiveness is doubted. Although Russia is the second largest gold producer in the world, as an export good and thus as a source of foreign exchange, it plays a subordinate role for the country.

Export controls for high technology

Some existing sanctions are to be tightened: export controls for cutting-edge technology and goods that can be used for civilian and military purposes are to be tightened. The sanctions against the Russian Sberbank are also to be strengthened.

In the future, it is to be counted among those banks whose funds and economic resources can be frozen. Exceptions should only apply to transactions in connection with food and agricultural goods trade. Sberbank has been excluded from the international financial communication network SWIFT since the beginning of June.

Entry ban for "night wolves"

Other Russian individuals are also to be sanctioned. Among them are members of the nationalist rocker gang "Night Wolves" and the actor Vladimir Mashkov. They are then no longer allowed to enter the EU and must expect their assets to be frozen.

Apparently easier negotiations

In contrast to the negotiations on the last sanctions package, which had been delayed for weeks due to objections from Hungary, things went quickly this time. The German Ambassador to the EU, Michael Clauss, said: "The rapid and consensual progress shows once again that the EU is united and determined to provide effective support to Ukraine."

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