The European Commission plans to launch a fifth package of sanctions against Russia

In early April, European Commission President Ursula von der Leyen announced to the public that the European Union plans to impose additional sanctions on Russia following the discovery of mass graves of civilians killed by Russian forces in Ukraine. The planned sanctions package consists of six pillars.

First, coal imports from Russia will be completely stopped. The European Union has previously imported from Russia coal for EUR 4 billion a year.

Second, transactions through four Russian key banks will be completely banned. These banks include VTB Bank. These four banks account for 23% of all Russian banking, so the impact of the ban is significant.

Third, a total ban on the entry of Russian ships in the ports of the European Union. All Russian and Belarusian road hauliers will also be banned from entering the European Union. As an exception, the transport of food, agricultural products, humanitarian aid and fuel is still allowed.

Fourth, Russia will be subject to export bans in areas where Russia is vulnerable, such as quantum computers and other high-tech technologies that would allow Russia to further develop its war industry.

Fifth, import bans are being imposed on various products in order to restrict the movement of money into the hands of highly influential oligarchs in Russia. These goods include, for example, wood and cement, but also many food products.

Sixth, Member States must not fund Russia and related organizations in any form in order to limit as much as possible the flow of taxpayers' money to Russia.

The Commission emphasizes that these sanctions are not definitive and that further sanctions will be pursued. More specifically, the list of people subject to sanctions is to be supplemented in the near future and restrictions on fuel imports from Russia will be imposed.

These sanctions were approved on April 8, 2022 and entered into force on April 9, 2022. This will be followed by a transitional period to allow companies to complete the necessary activities to comply with contracts and agreements concluded before April 9, 2022. The duration of the transition period varies depending on the sector. For example, road hauliers have a transitional period during which vehicles of Russian and Belarusian hauliers can enter the territory of the European Union until April 16, 2022, while imports of fossil fuels from Russia are allowed until August 10, 2022, if the agreement was concluded before April 9, 2022.