The European Commission President Ursula von der Leyen said in a press statement yesterday that a fifth package of sanctions will be imposed on Russia, in response to its military operation in Ukraine.
The Commission President revealed that the European Union will impose an import ban on coal from Russia, worth 4 billion euros per year. In addition to a full transaction ban on four key Russian banks, among them VTB, the second largest Russian bank.
She stressed that the four banks represent 23% of market share in the Russian banking sector which will further weaken Russia’ financial system. She pointed out that the new sanction will include a ban on Russian vessels from accessing EU ports.
She added that the European Union will impose a further export ban worth 10 euros billion. The EU will also impose import bans, worth 5.5 billion euros, to cut the money stream of Russia and its oligarchs.