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From coal to ports, sanctions against Russia and their impact


Russo-Ukrainian war: the United States announces sanctions against the daughters of President Vladimir Putin.

Paris:

From a coal embargo to new restrictions on investment and European ports closed to Russian ships, the list of Western sanctions imposed on the Russian economy since it invaded Ukraine continues to grow.

Here is an overview:

Energy

The European Union decided Thursday to give up its purchases of Russian coal from August, which represents around 45% of its total imports.

EU countries have already announced their intention to reduce their imports of Russian gas by two thirds by the end of the year, as well as to ban European companies from making new investments in the sector essential for the economy. Russian economy.

Another highly symbolic decision, Germany suspended the commissioning of the Nord Stream 2 gas pipeline which was to allow a significant increase in imports.

But so far the bloc has been reluctant to impose a ban on Russian gas and oil, as member states such as Germany rely heavily on fossil fuel exports from Moscow.

The United States and Canada have imposed their own embargoes on Russian oil and gas.

Britain plans to end imports of Russian coal by the end of the year, as it has already pledged to do for Russian crude oil and petroleum products.

Transportation

The EU announced on Thursday that it was closing its ports to Russian ships. Russian truckers are also banned from operating in the block.

EU members as well as the United States, Canada, Switzerland, Norway and Iceland have closed their airspace to Russian planes and many Western airlines have halted flights to Russia.

The wider aerospace industry is concerned about the ban on the export of aircraft, parts and equipment, as is maintenance work on Russian-registered Airbuses and Boeings. Western insurers cannot provide coverage.

Exchange

The fifth EU sanctions package adopted on Thursday includes a 10 billion euro ($10.9 billion) ban on exports to Russia, including high-tech products.

The list of Russian products banned in the EU is also growing to include some “critical raw materials and equipment” worth an estimated €5.5 billion a year to stop funding for the war effort of Moscow in Ukraine.

Shortly before the EU passed its latest set of sanctions, U.S. lawmakers voted to revoke most-favoured-nation status for Russia and its ally Belarus, which will result in tariffs on their goods high american import. Imports of seafood, vodka and Russian diamonds have been banned altogether.

The United States also banned new investment in Russia on Wednesday, as did Britain.

Financial sector

The US Treasury has blocked Russia from using dollars held in US banks to make payments on its foreign debt, forcing Moscow to settle in rubles, creating a likely default.

The White House also declared “total lockdown” sanctions against Russia’s largest public and private financial institutions, Sberbank and Alfa Bank.

The US, EU and Britain have frozen foreign currencies held by Russia’s central bank and banned all transactions with the institution.

Most Russian banks were previously cut off from the SWIFT messaging system, which allows banks to communicate quickly and securely about transactions.

US credit card giants Visa, Mastercard and American Express have blocked Russian banks from their payment networks.

Key people

Hundreds of Russians have been hit by US and European sanctions, including the adult daughters of Russian President Vladimir Putin.

The EU added 18 Russian entities and 200 individuals to its blacklist on Thursday alone.

Putin and his Belarusian counterpart Alexander Lukashenko were sanctioned, as was Igor Sechin, the boss of the Russian oil company Rosneft.

Britain sanctioned 82 Russian oligarchs with 172 billion pounds (200 billion euros, $220 billion) in assets and 18 banks with 940 billion pounds in assets.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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