February 25, 2024
EU Adopts New Round Of Sanctions On Russia
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EU Adopts New Round Of Sanctions On Russia

The European Union on Monday adopted a new package of sanctions on Russia that include an import ban on Russian diamonds, officials said.

The package is the 12th packet levelled at Moscow since it sent Russian troops into Ukraine on February 24, 2022, in a full-scale invasion. They are designed to reduce Russia’s access to revenues, metals and technology used to sustain her war effort.

The latest round of sanctions was settled last Friday by envoys from the 27 EU member countries but not formally adopted because of an objection from Austria that was subsequently lifted.

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The EU ban on Russian diamonds covers natural and synthetic varieties as well as in jewellery from January, and Russian diamonds cut in other countries from September next year.

Moscow is accused of helping to fill its war chest with proceeds from diamond sales, which are worth an estimated $4 billion to $5 billion a year.

The sanctions package also extends EU efforts to restrict technology Moscow can get its hands on for military purposes, adding 29 more companies to a list of entities prohibited from exporting products able to help Russia’s arms industry.

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