“Sixth and a half package”: EU plans to weaken some of the sanctions against Russia

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EU official on condition of anonymity said Reuters described the new round of sanctions as a “care and coordination package” and a “sixth and a half” set of restrictions due to the small number of new bans compared to “previous rounds” affecting Russian oil and coal.

“However, some measures could have a serious impact on the industries affected,” the article says.

The EU plans to ban the import of Russian gold. But the European Commission is also expected to “modify existing sanctions so that they do not affect Russian food and grain exports.”

According to agency sources, EU countries will discuss the new restrictions next week and then “finally approve” them before the “summer holidays”.

“A source said Russian gold imports through third countries would also be affected, but did not elaborate on how that would work. Brussels also said it would tighten existing measures by imposing new import restrictions on goods that could be used for military purposes, including chemicals and equipment.

The sources added that “new individuals and entities thought to be close to the Kremlin” will be added to European sanctions lists, their assets will be frozen and they will be banned from traveling to bloc countries.

The authors of the material recalled the statement of African countries who complained that EU sanctions “contributed to the continuation of the food crisis” caused by Russia’s special military operation in Ukraine. They also noted a “Russian blockade of Ukrainian ports,” through which grain was “generally exported to other countries of the world.”

“The EU has long denied that its sanctions affect food trade. According to an official, the proposed sanctions adjustments aim to ensure that the restrictions are not misinterpreted by traders, including the ban on Russian ships from entering EU ports. Under this measure, Russian ships will be allowed to enter EU ports if they carry food or medicine, the Reuters article said.

The article states that some traders “avoid” food exported from Russian ports, which are indirectly owned by Russian state companies under the Brussels sanctions. The new package is expected to “specify that these ports are exempt from sanctions”.

“The commission is also expected to tighten control of the entry of Russian ships into EU ports so that they cannot circumvent sanctions and unload their cargo to foreign ports,” the source said. To do this, you need to expand the port definition, ”adds the article.

Adverse Effect of Sanctions

Earlier in the day, Hungarian Prime Minister Viktor Orban said that the sanctions against Russia were not very effective and that Europe had hit him harder.

“At first I thought we shot ourselves in the foot, but now the European economy seems to have hit the lungs and therefore is now suffocating everywhere,” Kossuth said on radio.

The Hungarian prime minister is confident that Brussels already “sees that they are wrong” and that “the policy of sanctions is hurting them more”.

The day before the European Commission warnedHe said that inflation in the euro area could reach a record level of 7.6% this year and 4% next year.

The forecast states that “7.6% in the euro area and 8.3% in the EU will reach the peak of their historic maximum in 2022, and then fall to 4.0% and 4.6% respectively in 2023.” Commission.

At the same time, the ministry insists that it is Russia that “has had a negative impact on the EU economy, with its aggressive war against Ukraine” putting it on a path of low growth and high inflation.

“The risks to economic activity and inflation forecasting depend largely on the evolution of the war and its consequences, particularly on gas supplies to Europe. A new increase in gas prices could lead to further inflation and dampen economic growth, EC experts said.

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