12th round of sanctions targeting Russia: This will surely hurt Putin

Written by Henrik Rothen

Oct.23 - 2023 11:50 AM CET

Photo: Shutterstock.com
Photo: Shutterstock.com
This will surely hurt Putin.

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Closed-door discussions have commenced within the European Union regarding the 12th package of sanctions against Russia. Lithuania, Poland, and Estonia have put forth their proposals, with Lithuania and Poland advocating for a ban on new transactions with Rosatom, as well as purchases of Russian uranium, liquefied gas, and steel.

Estonia, on the other hand, is pushing for a complete trade embargo on Russia.

Proposed Items for sanctions

Lithuania has specifically proposed banning the export of items like central heating radiators, nails, nuts, buttons, sewing needles, and knitting wires to Russia, as reported by EUobserver.

Additionally, there's a proposal to halt the provision of IT services to Russian companies. Bloomberg suggests that the EU may also consider banning the import of Russian diamonds and introduce new measures to prevent the circumvention of existing restrictions.

Hungary has indicated that it will not offer financial aid to Ukraine as long as a Hungarian bank remains on Ukraine's "war sponsors" list. Even after its removal, Budapest seeks the removal of certain individuals from the list, while Kyiv wants assurances that such a situation will not recur.

Despite the EU's efforts to cripple Russia's economy, the previous sanctions have not been as effective as intended.

According to Allianz Research, exports to Russia have decreased by 52% in the first half of 2023 compared to the same period in 2019. However, exports to countries within the Eurasian Economic Union have seen significant increases. For instance, EU exports to Kazakhstan have doubled, and those to Kyrgyzstan have increased by a staggering 800%.

The EU is expected to finalize the 12th package of sanctions in the coming days, which could further extend the list of goods subject to export bans to Russia.

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