The European Commission wants to impose restrictions on Russia’s mining sector as part of the European Union’s ninth package of sanctions, the Financial Times reported on Tuesday. One of the interviewees of the British daily said that the proposal is still being refined.
the European Commission will propose to impose restrictions on the mining sector Russia as part of the ninth EU sanctions package, which is intended to limit the Kremlin’s ability to finance the war against Ukraine The Financial Times reported on Tuesday, citing three people familiar with the details of the plan.
The European Commission’s proposal provides for a ban on investment in the mining sector, which receives a quarter of foreign investment in Russia.
If the Commission’s plan is backed by member states, it will be the first attempt to hit the mining industry with sanctions, which has so far avoided restrictions due to fears that it will negatively affect global supply chains.
The Russian mining industry supplies world markets with, among others, gold, iron ore, uranium and titanium. Companies and funds such as Glencore, BlackRock, Vanguard and UBS Asset Management have invested in mines in Russia.
Work on the next package of sanctions against Russia
Glencore CEO Gary Nagle said on Tuesday that his company “will monitor (the Russian market) and take appropriate steps regarding sanctions” that could affect its investments.
One source told the British daily that the European Commission’s proposal is still being finalized, but it is likely to include exceptions for certain products of strategic importance to global markets for metals such as titanium and palladium.
The package of new sanctions will be discussed by EU ambassadors later this week, and if necessary – also by EU leaders at the summit next Thursday, reports “FT”.
Main photo source: PAP/EPA/MAXIM SHIPENKOV