European Commission greenlights new Russia sanctions – RBK

The latest batch of restrictions will include a ban on diamonds and tightening the oil-price cap

The European Commission has accepted proposals for a 12th package of sanctions on Russia, RBK news outlet reported on Wednesday, citing an unnamed EU official.

The approved draft proposals will be submitted for consideration to the EU Council, with member states expected to start discussions on the measures on Friday. In order to be implemented, sanctions will need to be unanimously approved by all 27 EU states.

According to an earlier report by Bloomberg, citing the draft proposal, the new restrictions will include a long-debated ban on imports of Russian diamonds from January 1, 2024, and an indirect ban on purchases of Russian precious stones that are processed in third countries.

The package also introduces additional restrictions on exports to Russia, including a ban on the sale of certain chemicals, lithium batteries, thermostats and motors for drones, as well as machine tools and machinery parts that can be used to produce weapons.

The draft document also features measures enforcing the $60-a-barrel price cap on Russian oil, which was introduced late last year. These reportedly include a requirement for shipping attestations to mention costs such as insurance and freight of the cargo; a mandatory authorization system to sell or export tankers and second-hand carriers; and measures to better identify vessels that help mask the origin or destination of the oil they carry.

READ MORE: Grasping at straws: New EU sanctions on Russia look like desperation

Separate media reports also claim the new package will include personal sanctions on 47 Russian individuals and 72 Russian companies.

Find more stories on economy and finance in TROIB business