EU to propose veto on Russian coal, chemicals, and wood imports

The European Commission is proposing new sweeping sanctions against Russia to EU members, including a veto on Russian coal, wood, chemicals, and other products worth around 9 billion euros a year, an EU source told Reuters.

According to the source, the European Union will also restrict shipments to Russia worth an extra 10 billion euros per year, including semiconductors, computers, LNG gas technology, and other electrical and transportation equipment.

Under this sanctions pack, Russian vessels and trucks would be barred from entering the EU, further hampering trade, with exceptions made for energy products, food and medicine.

The source said that the 27 nations of the EU would ban all transactions with VTB and three other Russian banks that have already been excluded from the SWIFT system. At the same time, dozens more individuals, including oligarchs and politicians, would be added to the sanction list.

If approved by the EU, the veto on Russian coal would be the first sanction involving Russian energy imports embraced by the bloc since Moscow launched what it calls a “special operation” in Ukraine on February 24.

The Commission had already proposed a similar veto in January when the invasion of Ukraine was still merely a possibility. Still, Germany blocked it back then, the EU country most dependent on Russia’s coal.

A German government source told Reuters that Germany would support a gradual EU embargo on Russian coal imports.

The EU source said that the coal ban would bar nearly €4 billion worth of imports a year.

Source: Notícias Agrícolas

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