To enter into force, the necessary legal acts must be adopted by written procedure and published in the EU Official Journal, which is expected by Friday. According to the EU Commission, a coal embargo could mean a loss of revenue of around four billion euros per year.
Furthermore, a complete transaction ban is imposed on four important Russian banks. Russian ships are to be banned from entering EU ports unless they are carrying food, humanitarian aid or energy supplies. In order to further weaken the Russian economy, there are said to be further restrictions on trade with Russia with a volume of around 10 billion euros. According to the Commission, these include quantum computers and means of transport. Products such as wood, cement and seafood should also no longer be imported into the EU, the trade volume at stake is 5.5 billion euros.
The reason for the new severe sanctions against Russia is in particular the discovery of war crimes in the vicinity of the capital Kyiv after the withdrawal of Russian troops.