
TheEuropean Union on Friday formally adopted its fifth package ofsanctionsagainstRussiasince the country's February24 invasion of Ukraine,includingbans on theimportofcoal, wood, chemicals and other products.
The measures also prevent manyRussian vessels and trucks from accessing theEU, further crippling trade, and willbanall transactions with fourRussianbanks,includingVTB.
Thebanoncoalimports will be fully effective from the second week of August. Nonewcontracts can be signed from Friday, whensanctionsare to be published in theEU's official journal.
Existing contracts will have to be terminated by the second week of August, meaning thatRussiacan continue to receive payments from theEUoncoalexports until then.
"These latestsanctionswere adopted following the atrocities committed byRussian armed forces in Bucha and other places underRussian occupation,"EU's top diplomat, Josep Borrell, said in a statement.
The Kremlin has said that Western allegationsRussian forces committed war crimes by executing civilians in the Ukrainian town of Bucha were a "monstrous forgery" aimed at denigrating theRussian army.
Thecoalbanalone is estimated by the Commission to be worth 8 billioneuros a year in lost revenues forRussia. That is twice as big as theEUCommission's head Ursula von der Leyen had said on Tuesday.
In addition tocoal, thenewEUsanctionsbanimports fromRussiaof many other commodities and products,includingwood, rubber, cement, fertilisers, high-end seafood, such as caviar, and spirits, such as vodka, for a total additional value estimated in 5.5 billioneuros ($5.9 billion) a year.
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TheEUalso restricted export toRussiaof a number of products,includingjet fuel, quantum computers, advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment, for a total value of 10 billioneuros a year.
Thesanctionsalso forbidRussian companies from participating in public procurement in theEUand extend prohibitions in the use of crypto-currencies that are considered a potential means to circumventsanctions.
The Commission said that another 217 people were added to theEUblacklist as part of thenewsanctionspackage, meaning their assets in theEUwill be frozen and they will be subject to travelbans in theEU.
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Most of them are political leaders of the separatist regions of Luhansk and Donetsk, but thesanctionsalso hit top businessmen, politicians and military staff close to the Kremlin.
This brings close to 900 the number of people sanctioned by theEUsince the start ofRussia's invasion of Ukraine, which Moscow calls a "special operation" to demilitarise and "denazify" the country.