The European Commission hopes to announce a new package of sanctions against Russia on Wednesday, which should lead to the end of Russian diamond exports to the EU, European foreign policy chief Josep Borrell said on Monday, AFP reported.
Josep Borrell told reporters: “We are in the process of finalizing the final details of this package” of sanctions, the 12th since Russia invaded Ukraine.
The inclusion of diamonds in the new sanctions package aims to reduce the revenue Russia receives from their sale, which is estimated at $4-5 billion a year.
Belgium has expressed reservations about these sanctions aimed at the Russian diamond trade and agreed with the G7 states, also proposing solutions based on a tracking system that does not affect the Belgian industry in this field, as the Belgian city of Antwerp is an important center for the diamond trade. This tracking system will exclude rough diamonds from Russia from global trade circles.
After the development of the new package of sanctions against Russia is completed, it will be put to the vote of the member states in the Council of the EU, where unanimity is required.
Hungary again opposes sanctions against Russia
Hungarian Foreign Minister Péter Szijjártó said in Brussels on Monday that instead of imposing new sanctions on Russia, the European Union had better assess the “failure” of its policies and the damage it has done to itself with a series of sanctions.
“I think it is absolutely right to ask how we can have a meaningful discussion about the 12th package of sanctions when there was no comprehensive analysis of the first 11 packages,” the Hungarian minister said, according to the Hungarian news agency MTI. He believes that Brussels and some EU countries are not ready to accept the reality of the damage that these sanctions have caused to the European economy, and of their inability to achieve their goals – to bring the Russian economy to its knees and harm this country. leave Ukraine.
Hungary has regularly opposed sanctions against Russia, but ultimately never used its veto power to block them.
____
- Follow the latest events of the war in Ukraine LIVETEXT on HotNews.ro
Source: Hot News
James Springer is a renowned author and opinion writer, known for his bold and thought-provoking articles on a wide range of topics. He currently works as a writer at 247 news reel, where he uses his unique voice and sharp wit to offer fresh perspectives on current events. His articles are widely read and shared and has earned him a reputation as a talented and insightful writer.