Page 10 - FSUOGM Week 14 2022

FSUOGM POLICY FSUOGM

EU targets Russian coal in

latest sanctions package

EUROPE THE European Commission has proposed a operators from Russia and Belarus.
ban on Russian coal imports as part of its latest The Commission also calls for more export
The timing of the sanctions package introduced following reports bans for high-tech equipment, and import bans
phase-out is still under of alleged war crimes by Russian troops in on products from wood to cement and from
discussion. Ukraine’s Bucha town north-west of Kyiv. seafood to alcohol. It also wants to bar Russian
The Commission estimates that these imports companies from participating in EU public pro-
are worth €4bn ($4.4bn) in annual trade. Among curement tenders and securing financial sup-
the countries that rely significantly on this trade port, and is adding various extra individuals to
are Germany and Poland. the sanctions blacklist.
The EU executive said it was working on “To take a clear stand is not only crucial for us
additional sanctions, including an embargo in Europe, but also for the rest of the world,” the
on oil trade. However, it made no mention of Commission said. “A clear stand against Putin’s
restricting natural gas trade, as the bloc is cur- war of choice. A clear stand against the massacre
rently not in a position to power itself without of civilians. And a clear stand against the viola-
Russian imports. tion of the fundamental principles of the world
In addition, the EC is imposing a full trans- order.”
action ban on four key Russian banks, including The US and the UK have also vowed to
VTB, and a ban on Russian vessels and Rus- impose fresh sanctions against Russia follow-
sian-operated vessels from accessing EU ports. ing the evidence of civilian killings and torture
But certain exemptions will be made for essen- in Bucha. The Kremlin has categorically denied
tials, including food and energy. The Commis- the accusations, claiming that such reports have
sion is also proposing a ban on road transport been fabricated. ™

Kremlin hits back against reported

German nationalisation plans

GERMANY THE nationalisation of subsidiaries of Russia’s “There is no doubt that such a [nationalisa-
Gazprom and Rosneft that are working in Ger- tion] plan will infringe international law badly
Russia warns it would many would be a serious breach of international and absolutely all existing rules and laws,” Peskov
be a serious breach of law, Kremlin spokesman Dmitry Peskov told said. “Of course, we believe that the very discus-
international law. reporters on April 1. sion is inadmissible.”
Germany’s Handelsblatt business news- Germany’s government has not confirmed
paper reported on March 31 that the Ger- that it is considering the step.
man government was considering the step In parallel, Russia’s government in March
because of the risk of significant energy proposed nationalising the assets of those for-
shortages if either of these companies got eign companies that have suspended their activ-
into financial difficulties. Both companies' ities in the country. That includes the assets of
subsidiaries have had buyers and partners international majors such as BP, ExxonMobil
shun them, and have encountered problems and Shell, although the proposal is yet to move
with financing. any further.
Since the report by Handelsblatt broke, Gaz- German company Wintershall Dea has sig-
prom has reported that it is no longer the owner nificant exposure to the Russian market. But it
of its German division Gazprom Germania, as has not suspended its activities in the country,
well as its sub-division Gazprom Marketing & instead vowing not to invest in any further pro-
Trading. jects. ™

P10 www. NEWSBASE .com Week 14 06•April•2022