EU agreed on the seventh package of anti-Russian sanctions

New Delhi: The EU Permanent Representatives Committee (Coreper) agreed to the seventh package of sanctions against Russia, a source in EU institutions told reporters on Wednesday.

“The Coreper agreed on the seventh package of sanctions, including gold embargo, black list expansion, and updates to financial and trade sanctions,” the source said.

According to European sources and mass media reports, the seventh package of sanctions comprises the ban on gold purchases from Russia in the form of semi-finished products and scrap. Certain categories will be added to the list of dual-use goods and technologies.

The black list of the EU will comprise 48 more Russian nationals and organizations. Sanctions also comprise clarifications on restrictions on the financial operations of Russia and Russian companies. All the sanctions currently in effect against Russia will be extended for six months by this decision.

Following Russia’s invasion of Ukraine in February 2022, the United States, the European Union, and other countries, introduced or significantly expanded sanctions to include Vladimir Putin and other government members, and cut off “selected Russian banks” from SWIFT, triggering the 2022 Russian financial crisis and massive international boycott of Russia and Belarus.

In 2020, the EU was Russia’s first trade partner, accounting for 37.3% of the country’s total trade in goods with the world. 36.5% of Russia’s imports came from the EU and 37.9% of its exports went to the EU. In 2021, the total trade in goods between the EU and Russia amounted to €257.5 billion.

(Vinayak)