Admin l Friday, June 03, 2022
BELGIUM – The European Union, EU still very desperate to deflate the ego of President Vladimir Putin, over his invasion of Ukraine, has reeled out very tough sanctions on Russia, extending existing ban to petroleum products, broadcast services, banks and consultancy services..
“With today’s package, we are increasing limitations to the Kremlin’s ability to finance the war by imposing further economic sanctions.
“We are banning the import of Russian oil into the EU and with this cutting a massive source of revenue for Russia. We are cutting off more of the key Russian banks from the international payment system SWIFT.
“We are also sanctioning those responsible for the atrocities that took place in Bucha and Mariupol and banning more disinformation actors actively contributing to President Putin’s war propaganda”, said Josep Borrell, High Representative for Foreign Affairs and Security Policy.
On oil, the EU decided to prohibit the purchase, import or transfer of crude oil and certain petroleum products from Russia into the EU. The phasing out of Russian oil, it said will take from 6 months for crude oil to 8 months for other refined petroleum products.
“A temporary exception is foreseen for imports of crude oil by pipeline into those EU member states that, due to their geographic situation, suffer from a specific dependence on Russian supplies and have no viable alternative options”, the EU said, adding that Bulgaria and Croatia will also benefit from temporary derogations concerning the import of Russian seaborne crude oil and vacuum gas oil respectively.
“The EU is extending the existing prohibition on the provision of specialised financial messaging services (SWIFT) to three additional Russian credit institutions – Russia’s largest bank Sberbank, Credit Bank of Moscow, and Russian Agricultural Bank – and the Belarusian Bank For Development And Reconstruction.
On broadcasting, the EU said it is suspending the broadcasting activities in the EU of three more Russian state-owned outlets: Rossiya RTR/RTR Planeta, Rossiya 24 / Russia 24 and TV Centre International.
“These structures have been used by the Russian Government as instruments to manipulate information and promote disinformation about the invasion of Ukraine, including propaganda, with the aim to destabilise Russia’s neighbouring countries and the EU and its member states”, the EU said.
On export restrictions, the EU said it is expanding the list of persons and entities concerned by export restrictions regarding dual-use goods and technology.
“Such additions to the list include both Russian and Belarusian entities. Moreover, the EU will expand the list of goods and technology which may contribute to the technological enhancement of Russia’s defence and security sector. This will include 80 chemicals which can be used to produce chemical weapons”, the EU said.
On consulting services, the EU said, it will prohibit the provision of accounting, public relations and consultancy services, as well as cloud services to Russia and those it deems to have been responsible for the atrocities committed by Russian troops in Bucha and Mariupol, personalities supporting the war, leading businesspersons and family members of listed oligarchs and Kremlin officials, as well as companies in the defence and a financial organisation.