EU plans to impose new sanctions on Russia
The European Union is gearing up to enforce the 12th sanctions package against Russia. These trade restrictions against Russia stack up to an estimated value of $5.3 billion and are primarily targeted at goods that are used for military purposes, as reported by Bloomberg.
9:14 AM EDT, November 1, 2023
Bloomberg mentions that the forthcoming sanction package is set to bolster limitations on Russia's revenue streams and industries, significantly impairing Moscow's ability to fund its wartime endeavors in Ukraine. The package is likely to enforce export prohibitions on items such as welders, chemical substances, and other technologically advanced equipment that can potentially serve military purposes.
Proposals are also in place to prohibit the sales to Moscow of computer software licenses and introduce new restrictions on the import of small quantities of processed metals, aluminum products, construction supplies, transportation goods, and diamonds.
Billions in losses
An anonymous source cited by Bloomberg speculated that enforcing such import and export limitations against Russia could lead to a conspicuous dip in trade affairs with Moscow, estimating a possible loss of up to $5.3 billion.
Radio Free Europe stated that the previous batch of EU sanctions against Russia was implemented on June 23. It also reported that the proposals for the 12th round of sanctions could be tabled as early as next week.
