EU prepares new trade restrictions against Russia worth $5.3 billion - Bloomberg

The European Union is preparing to impose new trade sanctions against Russia worth $5.3 billion.

Source. Bloomberg writes about it.

According to the publication, the export ban is planned to be extended to welding machines, chemicals and other technologies that can be adapted to military needs.

Import restrictions are likely to affect metals, aluminum products, construction products, goods related to cargo transportation, and diamonds. The latter will depend on the decision of the G7 countries, which are still working out the technical details to track Russian-made gems.

A ban on software licensing is also possible.

The total amount of export and import restrictions is estimated at $5.3 billion, sources say.

Among other things, the 12th package will be aimed at stopping the circumvention of existing bans by third countries. In particular, the list of goods banned from transit through Russia will be expanded, and several foreign companies will be added to the blacklist. A ban on the return of Russian assets is being discussed.

Separately, the EU is considering ways to improve the effectiveness of the price threshold, given that Russia manages to sell oil above the $60 ceiling. Restrictions will be directed against the Russian "shadow fleet" used to transport raw materials. This could include a ban on transactions with vessels under sanctions and the introduction of a system of mandatory notification when selling a tanker.

Another idea being discussed is to increase the transparency of pricing in the oil market. Bloomberg notes that inflated transportation costs can be used to circumvent sanctions.

The final version of the 12th package has not been agreed upon, and the draft may be amended.