The European Union is at work for its tenth package of Russian sanctions as the first anniversary of the war on Ukraine looms. Representatives of all EU countries met in Brussels to discuss what to include in the sanctions, which may include also Iran for the first time, due to its sale of drones to Russia.
European Commission president Ursula von der Leyen warned that the package could cost 11 billion euros in lost trade with Russia. The Commission is suggesting adding dual-use and electronic components that Russia uses for its armed systems. According to sources close to the matter, thermal cameras, radios and heavy vehicles, steel and aluminium could all be included in the package.
The EU is also considering cutting off from global messaging system SWIFT four additional Russian banks, including Alfa-Bank, Tinkoff and Rosbank. Another measure added in the sanctions will further restrict activities for European joint ventures with Russia. Imports from Russia of rubber and asphalt will all be banned.
Another aim of the new sanction package is to close loopholes from existing sanctions as a way of maximizing effectiveness. This includes tighter controls on selling satellite data to China and additional reporting obligations within the bloc to better track Russian assets in Europe.
The new sanction package is expected to be agreed around Feb. 24 and will need the unanimous backing of all member states.
