Sunday 16 June 2024 - 00:00

EU Divided on New Sanctions against Russia

Story Code : 1142027
EU Divided on New Sanctions against Russia
According to Reuters, bloc members were scheduled to discuss the sanctions on Friday evening, but the issue was “withdrawn from the meeting agenda at the last moment,” RT reported.

The restrictions would have included a ban on the transit of Russian liquefied natural gas and a plan to crack down on sanctions evasion by holding EU operators liable for violations by subsidiaries and partners in third countries.

According to Deutsche Presse-Agentur, Berlin fears that German companies could be hit by the proposed regulations and wants to limit the responsibility of subsidiaries to certain goods or remove it altogether.

EU members reportedly hoped to approve the sanctions before the Ukraine peace conference in Switzerland, which is planned for June 15-16, where delegates from around 90 countries are expected.  Russia, as well as China and Saudi Arabia, will not be attending, as Moscow has argued that the West would use the event to “dictate an ultimatum.”

The EU has to date blacklisted more than 2,100 entities and individuals following the outbreak of the Russia-Ukraine war. The US imposed a new round of restrictions this week, targeting the Moscow Stock Exchange (MOEX) and major banks, as well as the country’s IT sector.

The sanctions prompted MOEX to suspend trading in US dollars and euros on Thursday. Kremlin spokesman Dmitry Peskov said, however, that the Russian central bank is fully “capable of ensuring the stability of all markets.”