In a decisive move, the European Union’s executive has unveiled a proposal to enforce a ban on the import of Russian diamonds and liquefied petroleum gases, signaling a significant escalation in sanctions amid the Ukraine conflict. The document, revealed by AFP, outlines a comprehensive package of measures that hinges on unanimous approval from the 27 EU member countries.
These proposed sanctions go beyond conventional restrictions, encompassing measures to thwart Moscow’s efforts to circumvent an existing oil price cap. Despite facing 11 rounds of sanctions since Russia’s full-scale invasion of Ukraine in February 2022, the Kremlin has sustained substantial military spending.
The latest measures seek to further constrict Russia’s financial resources by targeting its lucrative diamond exports, valued at around $4 billion (3.7 billion euros) annually pre-conflict. The proposed ban covers both natural and synthetic diamonds, along with jewelry, set to take effect from the start of 2024. Additionally, Russian diamonds processed in third countries would face restrictions from September of the following year. This diamond prohibition aligns with a broader G7 initiative to establish a traceability system for Russian precious stones.
Of notable significance is the inclusion of a ban on the import of liquefied petroleum gases, specifically propane and butane, from Russia. These gases, commonly used in heating appliances and cooking equipment, are targeted by the new sanctions.
To tighten the economic grip further, the European Commission aims to enhance surveillance on clandestine transfers at sea, making it more challenging for the Kremlin to evade a G7 oil price cap. The proposal also seeks to impede tankers from transporting Russian crude, intensifying economic pressure on Russia.
EU foreign policy chief Josep Borrell confirmed the proposal’s submission to EU member states, emphasizing the expansion of the existing visa ban and asset freeze blacklist. The proposed additions, totaling 120 individuals and entities, include figures from the Russian military, defense, and IT sectors, as well as key economic players. Notably, officials involved in the forced re-education of Ukrainian children and those responsible for questionable elections in occupied territories are also targeted.
Diplomatic discussions on these stringent sanctions are set to commence, with EU member state ambassadors engaging in initial talks on Friday. The proposed measures underscore the EU’s commitment to exerting economic pressure to address the ongoing crisis and curtail Russian aggression.
