The European Union considers the possibility of introducing a 16th package of sanctions against Russia. New restrictions may include shutdown of 15 Russian banks from SWIFT system, prohibition on aluminum imports and increased control over Russian oil transportation. About it reports Bloomberg.
📌 Financial sector
- Disabling about 15 Russian banks from the SWIFT international payment system.
- Increasing restrictions for financial transactions related to Russia.
📌 The restriction on oil transportation
- Sanctions against more than 70 vessels of the so -called "shadow fleet" involved in the transportation of Russian oil.
📌 Metallurgical industry
- A gradual ban on importing Russian aluminum . During the year, a quota system for European buyers will operate, after which the metal will be completely stopped.
- Earlier, the United States and the United Kingdom have already introduced a ban on trade in Russian metals through the London Exchange.
📌 Agricultural goods and fertilizers
- The introduction of duties on agricultural products from Russia and Belarus , which is not yet subject to duties.
- Additional measures for nitrogen fertilizers .
The support of all EU Member States is required to approve sanctions, but Hungary may oppose increased pressure on Russia. In addition, some states express doubts about the complete abandonment of Russian aluminum, as it can affect the industry.
The EU also considers the possibility of restrictions on the supply of Russian liquefied gas (LNG), but most likely it will be done gradually within the framework of the energy independence strategy, not through sanctions.
The introduction of a ban on Russian aluminum can lead to a new increase in metals prices. In April 2024, similar measures from the United States and the United Kingdom have already caused sharp fluctuations in the market, including a record increase in aluminum cost.
Despite the sanctions, Russia continues to sell metals and energy to alternative buyers, including China. However, increased sanction pressure can further complicate exports and reduce the budget of the Russian Federation.
