EU Sets New Economic Sanctions on Russia

The sanctions include a ban on imports of coal, wood, chemicals and other products, which are expected to cut at least 10 percent of Russia’s total imports. The coal ban, which is estimated at 8 billion Euros per year, is the first time the European Union has imposed energy imports from Russia.

Apart from coal, the EU also prohibits Russia from importing other commodities such as wood, rubber, cement, fertilizers, high-end seafood such as caviar, alcoholic beverages such as Vodka, which is estimated at 5.5 billion euros per year. Not only implementing economic sanctions, the European Union has also blacklisted 217 names. This means that the assets held by the 217 names in the EU will be frozen. They will also be banned from traveling in the EU.