EU Imposes New Sanctions on Russia, Ramps up Arms Transfer

The package of “very substantial” sanctions was approved by the bloc’s committee of permanent representatives, the French EU Council presidency said in a tweet.

It includes a 10 billion euro ($10.9 billion) ban on exports to Russia, including high-tech goods, freezing of several Russian banks' assets, and the closure of EU ports to Russian-flagged ships.

It also encompasses sanctions against Russian energy with a coal embargo estimated to be worth €4 billion per year. EU countries, heavily dependent on Russian energy, had so far been unsure about going ahead with an energy embargo.

Japan also plans to reduce Russian coal imports gradually while looking for alternative suppliers in the wake of Western sanctions against Moscow, the country's industry minister said on Friday.

Japanese Prime Minister Fumio Kishida said Tokyo would unveil further sanctions against Russia as early as Friday after coordinating with G7 allies.

In addition to sanctions, the EU also backed a proposal to boost its funding of arms supplies to Ukraine by 500 million Euros, taking it to a total of 1.5 billion Euros.

European Council President Charles Michel in a Twitter post said the package would be "swiftly approved".

"Once swiftly approved this will bring to 1.5 billion Euros the EU support already provided for military equipment for Ukraine," he wrote, thanking EU’s diplomatic chief Josep Borrell for proposing extra funding.

Earlier, during a debate in the European Parliament, Michel asserted that sanctions on Russian oil and gas were likely to be pressed eventually.

The EU nations import 45 percent of their coal from Russia, which makes the evolving situation unfavorable for them.

The embargo will come into force at the beginning of August, 120 days after the publication of the new package in the EU's official journal, which is expected on Friday.

European Commission President Ursula von der Leyen in a Twitter post on Thursday affirmed that the G7 leaders are “firmly standing together in support of Ukraine, taking further steps to sanction Russia.”

Germany’s chancellor Olaf Scholz in his remarks on Thursday said his country will need to use the full four-month phase-out period to implement a ban on Russian coal under European Union sanctions.

Germany has so far been reluctant to join the countries banning Russian energy over fears that it would plunge the European country into a major energy crisis.