EU Expands Sanctions: A New Chapter in Economic Diplomacy

The European Union is ramping up its economic measures against Russia, proposing to extend sanctions to ports located in Georgia and Indonesia that facilitate Russian oil shipments. This unprecedented move marks the first instance of targeting third-country ports.

According to a proposal reviewed by Reuters, the sanctions would prevent European companies and individuals from engaging in transactions with the Georgian port of Kulevi and the Indonesian port of Karimun. This initiative represents the EU's 20th sanctions package against Russia since its actions in Ukraine, collaboratively spearheaded by the EU's diplomatic arm and the European Commission.

Besides sanctions on ports, the proposal outlines new bans on importing several metals, including nickel, iron, and copper, along with other commodities like salt and ammonia. Additionally, two Kyrgyz banks are to be sanctioned for providing crypto asset services to Russia, alongside banks in Laos and Tajikistan, while two Chinese lenders are removed from the sanctions list.