The Twenty-seven agree to freeze the assets of the largest bank in the country, as well as more entities and individuals related to the Kremlin
The Member States of the European Union (EU) have taken another step this Wednesday to increase pressure against Russia, with the approval of a new round of sanctions in retaliation for the invasion of Ukraine. This battery of economic punishments includes the blocking of assets in community territory of the country’s largest bank, Sberbank, as well as the prohibition of importing gold from that region in all its forms -in powder, raw, in coins…- and also as part of jewelry pieces.
These punishments already received on Monday the support of the Ministers of Foreign Affairs of the Twenty-seven and this Wednesday an agreement was reached at the level of ambassadors for their adoption. Now, the sanctions will go through a formal written procedure and will be published in the Official Gazette of the EU before coming into force, expectedly, this Thursday.
As the High Representative for Foreign Policy of the EU, Josep Borrell, pointed out at the meeting of foreign ministers, the community bloc faces “an endurance test” against Russia and the member states “cannot afford to show signs of fatigue”.
“The sanctions are working and now we must make them more effective,” he stressed. And that is precisely the objective of this seventh round, which seeks to cover some gaps in the previous packages -to prevent Russia from skipping them-, in addition to aligning the community bloc with its G7 partners, which had already taken measures to prohibit imports Russian gold.
European countries have also expanded the list of personalities and entities sanctioned for their links with the Vladimir Putin regime or for their involvement in or support for the Russian invasion of Ukraine. The assets that these individuals hold in Europe will be frozen and their entry into EU territory will be prohibited. That blacklist includes dozens of oligarchs, military commanders and relatives of the Russian president, as well as entities related to the war.
Food safety
In the face of Russian propaganda, which accuses Europe of the global food crisis triggered by the war, the Twenty-seven have promised that the sanctions “do not endanger” food and energy security. In this way, the Union authorizes the States so that they can “unlock” certain funds from Russian banks, “if necessary for the purchase, import or transport of food products.” In that list of exceptions are products such as wheat and fertilizers and seven Russian entities will benefit from this measure.
Meanwhile, European leaders accuse Moscow of shortages and rising food prices. Russian troops are blockading 20 million tons of Ukrainian grain, which remain in the country’s ports waiting to be exported.
The delay in the arrival of these cereals is causing shortages in countries like Italy and Germany and famine in the countries of North Africa. Given the lack of progress in the negotiations to unlock these resources, the head of European diplomacy has insisted that it is “a matter of life or death” for tens of thousands of people around the world.
The complex operation to get cereals out of Ukraine
Negotiations to open shipping corridors and get 20 million tons of grain out of Ukraine are moving forward, although an agreement will only provide partial relief to importing countries. They started in early June between Russia and Ukraine, with the mediation of Turkey, which stated on Monday that “an agreement in principle” had been reached, although “all questions” had not been resolved.
However, Moscow conditions the return to Ukrainian maritime exports to the end of the restrictions of the Western powers on “the export of Russian grain”.
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