By Betty Henderson • 07 October 2022 • 15:00
The EU announced import sanctions on Russian products worth €7 billion
The EU’s Council tasked with responding to the war in Ukraine announced its latest package of sanctions on October 6.
The package consists of EU import bans on Russian products worth up to €7 billion, export restrictions and further financial restrictions on individuals and state-owned companies. The EU also hopes to crack down on sanction circumvention.
The sanctions are designed to stifle Russian industrial production for military projects by depriving Russian factories of European materials and expertise. Import bans similarly aim to isolate the Russian economy by depriving it of European investment. Import bans will apply to products including machinery, textiles, steel, plastics and vehicles.
Announcing the package of sanctions, the European Commission said that it collaborated with international partners to develop targeted measures. The EU said the package “responds to Russia’s continued escalation and illegal war against Ukraine, including by illegally annexing Ukrainian territory based on sham “referenda”, mobilising additional troops, and issuing open nuclear threats”.
The EU continues to monitor the effects of sanctions on Russia, but expressed satisfaction with current measures, saying they are proving effective.
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