Russia is expected to impose a trade ban similar to that already imposed on Belarus in the trade, said Valdis Dombrovskis, Executive Vice President of the European Commission (EC), in an interview.
He also pointed out that the so-called G-7 countries could deprive Russia and Belarus of the most favorable trade treatment.
“Trade controls are currently in place for both Russia and Belarus. A number of import bans on several categories of products have been imposed on Belarus. It is planned to extend the same bans to Russia,” Dombrovskis said. the ban could apply in the case of Russia.
The G-7, which includes the United States, Britain, Canada and Japan in addition to several major European Union (EU) economies, is working on a most-favored-nation trade waiver for Russia and Belarus. In addition, other countries could join.
“This allows imports from Russia and Belarus to be subject to additional customs tariffs. Canada has already announced this and work is underway at the G-7 and beyond to move forward. It may be a matter of the coming days,” Dombrovskis said.
He emphasized that further sanctions in the areas of finance and energy were also being assessed.
Asked about the readiness to focus on sanctions in the energy sector, given Europe’s significant dependence on Russian energy resources, Dombrovskis stressed that “the issue is under discussion and no option is currently off the agenda”.
The EC Executive Vice-President revealed that the EC had also carried out an assessment of the situation following the disruption of Russian gas supplies.
“In the assessment, however, we went from the opposite – what happens if Russia suspends gas supplies as its response to the sanctions we have imposed. The conclusion is that not without problems, but this situation could be resolved. Now we are moving towards spring. serious preparations for next winter through measures such as the joint purchase of natural gas, “Latvia, for example, is 100% dependent on Russian gas supplies,” said Dombrovskis.
Asked if there are currently indications that Russia’s response will be to suspend or restrict energy supplies to the EU, Dombrovskis denied, but stressed that “of course, when we imposed the first sanctions, possible countermeasures by Russia were considered, including such a scenario”.
On Tuesday, March 8, the EC will also make public proposals on the energy situation and possible options for action.
The EU has already imposed a series of sanctions following Russia’s invasion of Ukraine on 24 February.
In particular, any transactions with the Central Bank of Russia or any institution acting on its behalf are prohibited.
From March 12, the Russian banks Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, Vnesheconombank (VEB.RF), VTB Bank will be disconnected from the SWIFT system, as well as all subsidiaries of these banks.
Russian companies and individuals are prohibited from selling or supplying goods and technology related to the gas and oil, aerospace, transport and telecommunications, military and defense sectors, and dual-use goods that can be used for military purposes. It is forbidden to provide services related to technological support, brokerage and financial activities and others.
In turn, the import of potassium salt (potash), wood products, cement, iron, steel, rubber from Belarus is prohibited. Trade in dual – use items that can be used for military purposes is prohibited.
Sanctions have also been imposed individually on a number of Russian and Belarusian officials and business associates.
–
