Wednesday, May 18, 2022

HomeUkraine-Russia crisisEU bans any new investment across the Russian energy sector

EU bans any new investment across the Russian energy sector

The European Union adopted a fourth package of restrictive measures against Russia in response to its aggression against Ukraine and its people. These sanctions will further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine.

“As President Putin’s war against Ukrainian people continues, so does our resolve to support Ukraine and cripple the financing of Kremlin’s war machinery,” said Josep Borrell, High Representative for Foreign Affairs and Security Policy. “This fourth package of sanctions is another major blow to the economic and logistic base upon which Russia relies on to carry out the invasion of Ukraine. The aim of the sanctions is that President Putin stops this inhuman and senseless war.”

Among those, the EU is banning the import of those steel products currently under EU safeguard measures, amounting to approximately 3.3 billion euros in lost export revenue for Russia. Increased import quotas will be distributed to other third countries to compensate.

Also, a far-reaching ban on new investment across the Russian energy sector, with limited exceptions for civil nuclear energy and the transport of certain energy products back to the EU.

Photo: Claudio Centonze/European Union 2022

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