EU may announce 12th package of sanctions against Russia in October – Bloomberg

The European Union is preparing the 12th package of sanctions against the Russian Federation. New restrictions may be presented in early October or announced during the EU-US summit scheduled for next month.

Source: Bloomberg, citing informed sources. 

The sanctions are likely to include a decision to use the profits generated by the frozen assets of the Russian Central Bank to help Ukraine.

According to Bloomberg's sources, a group of member states, including Poland and Baltic states, are calling for additional sanctions on Russian liquefied natural gas and IT services.

The new sanctions are likely to include the EU's version of the upcoming G7 ban on Russian diamonds.

"Earlier attempts to sanction Russian gems in Europe have met resistance from leading importer nations like Belgium, which argued that a simple ban without a global deal would just shift the lucrative gem trade elsewhere. The G-7 mechanism aims to track gems across borders, as well as introducing a direct ban on purchases from Jan. 1, and an indirect ban which would kick in more gradually," Bloomberg writes. 

The group of countries also proposes to impose restrictions on Russia's nuclear sector. However, these attempts have repeatedly faced resistance, as too many member states oppose them.

In addition, the new package of sanctions may include steps to limit Russia's ability to circumvent EU sanctions through third countries such as the United Arab Emirates and Türkiye.

Background: The new package of US sanctions imposed in mid-September put key projects in the Russian gas industry at risk of disruption.

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