The European Council said in a statement on Friday, it has decided to impose a fifth package of economic and individual sanctions against Russia.
According to the press release, some the of key sanctions the package comprises are
A prohibition to purchase, import or transfer coal and other solid fossil fuels into the EU if they originate in Russia or are exported from Russia, as from August 2022. Imports of coal into the EU are currently worth EUR 8 billion per year.
A prohibition to provide access to EU ports to vessels registered under the flag of Russia. Derogations are granted for agricultural and food products, humanitarian aid, and energy.
A ban on any Russian and Belarusian road transport undertaking preventing them from transporting goods by road within the EU, including in transit.
Further export bans, targeting jet fuel and other goods such as quantum computers and advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment, and new import bans on products such as: wood, cement, fertilisers, seafood and liquor.
Market reaction
EUR/USD is ranging below 1.0900 on the above announcement, keeping its recovery mode intact from the 1.0850 region.
The spot is trading flat at 1.0877, as of writing.
