EU adopts 12th package of sanctions against Russia
Russia, the European Commission said in a statement on Monday, after Austria gave its final approval over the weekend.
The package focuses on a Russian-origin diamond import ban as well as imposing additional import and export bans on Russia, combating sanctions circumvention and closing loopholes, it said.
The ban on direct non-industrial diamond purchases from Russia will start on Jan. 1 followed by a phased ban on indirect imports to be completed by Sept. 1. The diamond ban will be done in coordination with the Group of Seven countries (G7), which announced a similar ban earlier this month. The global natural diamond jewellery business is worth $87 billion.
Russian diamond producer Alrosa declined to comment on the 12th EU sanctions package.
As previously reported by Reuters, in an effort to prevent Russia from maintaining its military hardware, the EU is introducing a «No Russia clause» that requires that EU exporters to contractually prohibit re-exportation to, or for use in, Russia of a list of «sensitive goods and technology.»
The package also tightens compliance rules for those buying Russian oil via the G7 price cap mechanism. However, EU countries watered down an initial proposal to ban the sale of old oil tankers to Russia or Russia-linked firms to a «notification» procedure.
The package includes a notification system for funds transferred outside the EU by a Russian national living in Russia or Russian entity established in the bloc.
The package also introduces a new import ban on liquefied petroleum gas (LPG) with a one-year transition period as well as a list of metal products, including «pig iron and spiegeleisen, copper and aluminium
