Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Russian banks and exports set to be hit in new EU sanctions

Russian banks and exports set to be hit in new EU sanctions

European Commission briefed ambassadors in small groups over the weekend on a 10th sanctions package.
The EU is set to hit Moscow with new financial sanctions, trade curbs and a ban on Russian nationals serving on boards of critical European infrastructure companies such as power grids, EU diplomats and officials told POLITICO's Brussels Playbook.

The European Commission briefed EU ambassadors in small groups over the weekend after the executive's president, Ursula von der Leyen, announced some elements of the 10th sanctions package at a joint press conference with Ukrainian President Volodymyr Zelenskyy last Thursday.

Brussels is set to include new financial sanctions against four Russian banks including the country's largest private bank, Alfa-Bank, founded by Russian-Israeli billionaire Mikhail Fridman.

The EU is also mulling a ban on Russian nationals serving on boards of critical infrastructure companies in the EU, such as electricity grids or gas providers.

There will also be new listings of some 130 entities and people. These include Russian military leaders, officials installed by Russia in the occupied territories in Ukraine, and journalists working for Russian state media outlets such as Russia Today. Also covered will be companies and individuals in other countries with links to Russia’s war effort or the Wagner mercenary group, and Iran, which is accused of selling drones and components to Russia’s military.

According to the European officials, the EU is preparing trade bans on imports of Russian rubber and asphalt, and on exports to Russia of EU goods including trucks, other heavy vehicles, construction machines, pumps and other equipment used in the construction sector. The package also includes additional export bans on electronic components that Russia could use to make weapons.

It’s unclear, officials said, whether diamonds will make it into the package. Belgium, whose port city of Antwerp is a global hub for the diamond trade, is working with the European Commission and the G7 on an international traceability system for Russian diamonds. Belgian Prime Minister Alexander De Croo is under domestic political pressure to include a ban on Russian diamonds in the 10th sanctions package.

To tackle the circumvention of sanctions, Brussels is also planning to list a Dubai-based shipping company, suspected of helping Russia circumvent sanctions on oil exports. The company is believed to have bought several Russian oil tankers, which were no longer allowed to ship oil because of EU and international sanctions on Russian-owned entities. Under their new Emirati ownership, the tankers can again ship oil.

One EU country has now asked the EU to list that company in the new sanctions package, in order to prevent it from increasing Russia’s capacity to export oil, two people involved in or briefed on the sanctions discussions told POLITICO.

But two diplomats and one official cautioned there had been some opposition from Mediterranean countries during the discussions with the European Commission. The tankers in the past operated under Cypriot flags, but are now believed to have changed their flags to a tax haven — so there should no longer be any logical reason for any EU country to oppose the move against those ships, one of them argued.

EU ambassadors are set to discuss the package at their meeting on Wednesday.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
JD Vance Warns Europe Faces “Civilizational Suicide” Over Open Borders and Speech Limits
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
×