European Commission President Ursula von der Leyen on Tuesday proposed the fifth package of sanctions against Russia which include an import ban on Russian coal and a ban on Russian and Russian-operated vessels from accessing the European Union (EU) ports.
Taking to her Twitter, the European Commission President said, "Russia is waging a cruel, ruthless war, also against Ukraine's civilian population. We need to sustain utmost pressure at this critical point. So today we are proposing the 5th package of sanctions."
The sanctions include an import ban on coal from Russia, worth 4 billion euros per year, aimed at cutting an important revenue source for Russia. Further, it includes a full transaction ban on four key Russian banks, including Russia's largest bank, VTB.
The sanctions also comprise a ban on Russian and Russian operated vessels from accessing EU ports and a ban on Russian and Belarusian road transport operators. They also include export bans, worth 10 billion euros, in crucial areas like advanced semiconductors, machinery and transport equipment.
Specific new import bans worth 5.5 billion euros and targeted measures such as a ban on participation of Russian companies in public procurement and exclusion of all financial support from EU or national to Russian public bodies are also included in the sanctions.
The European Commission President further said that the EU is also proposing further listings of individuals and working on additional sanctions, including on oil imports, and reflecting on some of the ideas of the Member States, like taxes or specific payment channels such as an escrow account. "Today over 40 countries apply sanctions like these. To take a clear stand is crucial for the whole world. A clear stand against Putin's war of choice. Against the massacre of civilians. Against the violation of the fundamental principles of the world order. Slava Ukrainje," she tweeted.
Russian forces launched military operations in Ukraine on February 24, three days after Moscow recognized Ukraine's breakaway regions - Donetsk and Luhansk - as independent entities.
Several countries including the UK, the US, Canada, and the European Union have condemned Russia's military operations in Ukraine and imposed sanctions on Moscow. These countries have also promised to help Ukraine with military aid to fight Russia.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor