Ukraine War: EU mulling fresh sanctions on Russia

The European Union is considering fresh sanctions on Russia that would impact Moscow's trade worth about $5 billion. A Bloomberg report quoting sources shows the new sanctions would include export bans on welding machines, chemicals, and other technology used for military reasons.

Restrictions on the import of some software as well as some processed metals and aluminium products, building materials, transportation-related commodities, and diamonds are also being considered.

Russia's capacity to fund its military operations is expected to be hampered by the 27-member bloc's twelfth sanctions package since the war began in February last year.

The proposals have not been formally presented to member states and will require support from all 27 countries to be accepted.

The new set of sanctions are meant to make it more difficult for Russia to acquire or produce weapons in Ukraine by circumventing current sanctions by gaining access to components, technology, and electronics through other nations.

The Bloomberg report states that if other countries do not take action, the European Union will expand its transit ban to include more products and add more companies to its blacklist.

Moreover, the diamond embargo will go into effect once the Group of Seven countries reach an agreement on how to monitor the valuable stones' international movement.

Meanwhile, in a parallel development, Russian oil exports have dropped to a 17-month low after a temporary ban on diesel shipments and a seasonal curb due to maintenance work at refineries.

Refined fuel shipments fell to 2.2 million barrels a day till October 28. This was the lowest since May 2022 and down roughly 3 per cent from both September and a year earlier.

(With inputs from agencies)