EU Proposes Phased Ban on Russian Aluminium
The European Union is planning to ban all Russian aluminium imports within a year. The EU currently gets 8% of its annual aluminium needs from Russia.
For one more year, the EU will allow the import of 275,000 metric tons of aluminium under a quota system. After that, all Russian aluminium will be banned.
The sanctions also target more Russian banks and vessels suspected to be part of Russia’s “shadow fleet“. This means that these banks and vessels will no longer be able to use the SWIFT banking system.
To impose or continue sanctions, the EU needs a unanimous decision from its member states. The EU foreign ministers have already approved the extension of current sanctions against Russia for another six months.
Hungary had initially blocked the extension due to concerns about energy security. However, after receiving “guarantees” on energy security, Hungary voted in favor of the renewal of the sanctions package.
Ukraine stopped Russian natural gas transit through its territory on January 1. The EU is worried that this decision could affect their energy security.
The EU has imposed 15 packages of sanctions against Russia so far. These include restrictions on individuals and legal entities, as well as a ban on Russia’s “shadow fleet” of oil tankers and the freezing of Russian assets.
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