Jet Fuel, Quantum Computers, and Other Exports to Russia Blocked
[Asia Economy Reporter Ki Ha-young] On the 8th (local time), the European Union (EU) adopted the 5th round of sanctions against Russia, including a ban on imports of Russian coal.
The EU Council, representing the governments of the 27 EU member states, announced that it decided to impose the 5th round of sanctions targeting the Russian economy and individuals, considering the ongoing Russian invasion of Ukraine and reports of atrocities committed by Russian forces within Ukraine.
Accordingly, from August, all forms of Russian coal imports into the EU will be banned. The European Commission, the EU's executive body, explained, "This will affect one-quarter of Russia's total coal exports," adding, "Russia will lose approximately 8 billion euros (about 10.7 trillion KRW) in annual revenue."
Additionally, imports from Russia of products including cement, rubber goods, wood, fertilizers, seafood, alcoholic beverages such as vodka, and luxury seafood like caviar will also be banned. This is estimated to be worth about 5.5 billion euros annually (approximately 7.3352 trillion KRW). The EU also imposed additional export bans to Russia on jet fuel (a type of aviation fuel), quantum computers, advanced semiconductors, high-performance electronic devices, software, and transportation equipment, amounting to 10 billion euros (about 13.3375 trillion KRW).
Furthermore, ships registered under the Russian flag will be banned from entering EU ports. Exceptions are made for medicines, food, energy, and humanitarian aid. Land transport companies from Russia and Belarus will also be prohibited from transporting goods within the EU. Exceptions apply to agricultural and food products, humanitarian aid, and energy.
Foreign media reported that all transactions with Russia's four major banks, including VTB Bank, the second largest in Russia, will be banned. Providing high-value virtual asset services to Russia is also prohibited.
In addition, the EU Commission decided to impose further sanctions on Russian oligarchs, businessmen, senior Kremlin officials, as well as the families of those already sanctioned and some companies. The additional sanctions target 217 individuals and 18 entities. According to AP News, citing two EU officials, the two adult daughters of Russian President Vladimir Putin are also included among the additional sanctions targets.
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