The European Union approved the 12th package of sanctions against Russia, including Russian diamonds

The Council of the European Union (EU) approved this Monday a new package of sanctions against Russia, the 12th, which concerns Russian diamonds and includes the strengthening of sanctions on oil exports already in place after the Austrian blockade.

“The Council adopted this Monday the 12th package of economic and individual restrictive measures, taking into account the continuation of Russia’s war of aggression against Ukraine. These measures represent a new blow to the ability [Presidente russo, Vladimir] Putin to start a war because it targets valuable sectors of the Russian economy and makes it difficult to circumvent EU sanctions,” the Spanish Presidency of the Union said in a statement.

European sources told Lusa that the Council this Monday gave the green light to this new package of restrictive measures, which includes new restrictions on Russian exports such as diamonds, as well as new lists of organizations and people targeted, after several days blockade of Austria.

Austria challenged Ukraine’s inclusion of the Austrian bank Raiffeisen Bank in the list of entities subject to sanctions, and therefore prevented the adoption of this 12th package of sanctions, and now the position has changed, the same sources in the community say.

In mid-November, the European Commission issued new sanctions on Russia, which included “the adoption of new import and export bans, as well as measures aimed at strengthening oil price caps and combating EU sanctions evasion,” according to a report published in mid-November. November. announced at the time.

This new package includes a ban, effective January 1, 2024, on the direct or indirect import, purchase or transfer of “diamonds of Russian origin, diamonds exported from Russia, diamonds in transit in Russia, and Russian diamonds processed in third countries,” according to information published this Monday.

Russian diamonds are important to the country’s economy as their exports (mostly to European countries such as Belgium) are valued at almost five billion dollars (about 4.6 billion euros at current exchange rates).

At the same time, today’s decision expands the list of products subject to restrictions to include chemical products, lithium batteries, thermostats, DC motors and servomotors for unmanned aerial vehicles (“drones”), machine tools and machine parts.

The already existing ban on the import of crude oil transported by sea and some petroleum products from Russia into the EU, as well as its maximum limit, have also been strengthened.

In addition, new restrictive measures will cover more than 120 individuals and legal entities, including another 29 organizations that “directly support the Russian military-industrial complex.”

Meanwhile, last Tuesday the European Commission proposed an initiative to identify resources associated with Russian sovereign assets frozen due to EU sanctions, with a view to using them to restore Ukraine.

In an interview with Lusa published in mid-December, Eurogroup President Pascal Donohoe said it was “very important that the review takes place in an international context,” namely the G7 (the world’s seven largest economies). plus the EU), advocating “thorough analysis”.

This position comes at a time when 27 EU member states (mostly Belgium) have already frozen more than €200 billion of Russian central bank assets due to sanctions policies.

The Russian military offensive into Ukraine, launched on February 24 last year, has plunged Europe into its most serious security crisis since World War II (1939-1945).

Ukraine’s Western allies have supplied weapons to Kyiv and approved successive packages of sanctions against Russian interests in an attempt to reduce Moscow’s ability to finance the war effort.