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EU Drafts New Sanctions After Russia’s Escalation

relates to EU Drafts New Sanctions After Russia’s Escalation

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The EU is into the next round of talks, this time on the eighth sanctions package. Russia’s actions — referendums in occupied Ukrainian territories, mobilization and allegedly sabotaging the Nord Stream pipeline — are pressuring the bloc to respond, but it’ll have to overcome pockets of strong resistance to some of the specifics. Proposals from Commission Chief Ursula von der Leyen include a “sweeping” new import ban on Russian products, as well as prohibiting the sale of key technologies that could benefit Russia’s military. EU nationals would be barred from lucrative jobs in Russian state-owned firms, a measure that, as we reported earlier, would likely impact former German Chancellor Gerhard Schroeder. The package would also move toward a price cap for Russian oil sold to third countries. But similar controls on Russian gas remain a contentious issue ahead of tomorrow’s meeting of the bloc’s energy ministers, and the Commission told governments it needs to rely on a combination of tools rather than market intervention alone.