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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

No speedy solution as EU members start negotiations on additional Russia sanctions.

European Commission President Ursula von der Leyen attends a news conference in Brussels, Belgium Fe... European Commission President Ursula von der Leyen attends a news conference in Brussels, Belgium February 16, 2023. REUTERS/Johanna Geron
European Commission President Ursula von der Leyen attends a news conference in Brussels, Belgium Fe... European Commission President Ursula von der Leyen attends a news conference in Brussels, Belgium February 16, 2023. REUTERS/Johanna Geron

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No speedy solution as EU members start negotiations on additional Russia sanctions. On Wednesday, European Union nations began discussing new penalties over Russia’s war in Ukraine that would target Chinese and Iranian enterprises and allow export limitations on third countries for violating trade prohibitions.

One diplomat predicts heated EU envoy talks at 0800 GMT, with Russian hawks furious the plan doesn’t go far enough but others fearful of hurting international ties.

Diplomats foresee a slow deal due to divergent views.

On an extended trip to Kyiv on Tuesday, the EU’s chief executive presented the proposal as a contrast to Moscow’s yearly celebrations of the World War Two triumph over Nazi Germany, which President Vladimir Putin likens to his invasion of Ukraine.

European Commission President Ursula von der Leyen said the latest restrictions were planned “in very close coordination” with G7 states to combat Russia’s trade sanctions circumvention.

“If we see EU goods going to third countries and then to Russia, we could propose to member states to sanction their export.” “This tool will be used cautiously as a last resort,” she stated.

She said the EU would stop exporting high-tech and aviation components via Russia.

Diplomatic sources stated von der Leyen’s Commission’s plan blocked “tens” of new firms from China, Iran, Kazakhstan, and Uzbekistan.

According to insiders, the additional penalties underline that oil ships cannot discharge on high seas or arrive in ports with their GPS trackers off to discourage flouting G7 limits on trading Russian oil.

New sanctions, the 11th since Russia invaded Ukraine in February 2022, require 27 EU members’ approval.

China’s foreign ministry cautioned the EU against targeting China over war claims for the first time.

A diplomatic source from a Russia-hawkish EU nation was disappointed the Commission’s plan did not include halting Russian diamond imports or nuclear energy cooperation.

The individually assessed commerce loss under the idea at 500 million euros ($550 million), compared to von der Leyen’s 11 billion euros in the last round.

A diplomatic source from a country skeptical of the penalties said targeting third countries would spark a heated debate.


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