EU Hits Russia With More Sanctions One Year After Invasion

European Union member states backed a 10th package of sanctions on Russia including tighter export restrictions and technology controls, as well as requiring banks to report information on Russian Central Bank and other sanctioned assets they hold.

(Bloomberg) — European Union member states backed a 10th package of sanctions on Russia including tighter export restrictions and technology controls, as well as requiring banks to report information on Russian Central Bank and other sanctioned assets they hold.

The bloc’s envoys signed off on the measures Friday, the Swedish presidency of the EU said in a tweet as it sought to rubber-stamp the latest restrictions one year after Russia’s invasion of Ukraine.

The EU also imposed measures against individuals and entities supporting the war, spreading propaganda or delivering drones used by Russia, the Swedish presidency said.

The EU restrictions also targeted export controls on multiple technologies, electronic components used in equipment such as drones, missiles, helicopters and for other military purposes, as well as curbs on heavy vehicle exports. It also sanctioned seven Iranian entities, including those linked to Iran’s Revolutionary Guard, imposing trade restrictions over Tehran’s provision of drones to Russia.

Poland earlier agreed to conditionally back the latest package, according to the country’s ambassador to the bloc Andrzej Sados. The conditions included a monitoring mechanism to end imports of Russian rubber, and starting work on sanctions against Belarus, Sados said.

Protracted negotiations over the package dismayed several member states. The package was delayed by more than two days, preventing the EU from confirming a symbolic commitment on Friday — the one-year mark since the invasion — because formal approval will come only on Saturday morning under EU procedure, one diplomat said.

The new EU measures come amid a push to better enforce existing sanctions and crack down on companies circumventing them. A group of member states is urging the bloc to ramp up its ability to strike back against those helping Russia circumvent sanctions, including through the use of trade measures.

The US and other Group of Seven nations will impose new export controls and a fresh round of sanctions on Russia, the White House said earlier Friday. The measures will single out Russia’s defense and energy industries, financial institutions and more than 200 people.

The US, European and other allies around the world have sought to punish Russian President Vladimir Putin’s invasion with sanctions alongside weapons deliveries to support Kyiv, particularly ahead of renewed offensives expected in coming weeks.

–With assistance from Alberto Nardelli.

(Updates with details from fifth paragraph)

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