PARIS, May 31 — From oil embargoes to asset freezes and bans on new investment, the list of Western sanctions imposed on Russia’s economy since it invaded Ukraine keeps growing.European Union leaders agreed yesterday to ban most Russian oil imports, following criticism for not acting sooner.
The EU plans to cut imports of Russian gas by two thirds in the same period and ban European companies from making new investments in the sector. Purchases of Russian coal are set to stop from August. Transportation The EU has closed its ports to Russian ships, and Russian truckers are also banned from operating in the bloc.
The list of Russian products banned from the EU has been extended to include steel products, cement, rubber products and wood.They have also deprived Russia and Belarus of their “most favoured nation” trade status, imposing punitive tariffs on their exports.EU leaders agreed yesterday that their sixth package of sanctions will include a measure to exclude Russia’s Sberbank from the SWIFT financial messaging system.
The US, EU and Britain have frozen foreign currency held by the Russian central bank and banned all transactions with the institution.
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