- The Fifth Round of Sanctions will be a six-stage process
- Fifth Round of Sanction are resultant of the massacre in Bucha
- Ban on Coal Import, Banks, Vessels, Advanced Technology including quantum computers and semiconductors
- Ban does not include Oil and Gas, which is a major source of revenue for Russia
- The European Union is establishing a decontamination reserve as well as a new stockpile of equipment for chemical, biological, and nuclear emergencies
- According to the Food and Agriculture Organization, Russia’s invasion of Ukraine will force up to 13 million additional people into food insecurity around the world
European Commission President Ursula von der Leyen has proposed the fifth package of sanctions against Russia. The Fifth Round of Sanctions is a six-stage process aimed at harming Russia’s economy more deeply and with the intention that no European tax money should travel to Russia in any manner. Fifth Round of Sanction are resultant of the massacre in Bucha.
Over 300 bodies have been discovered in Bucha, a Kyiv suburb, some of them had their hands bound, flesh burned, and were shot in the back of the head. The findings have prompted similarities to civilian fatalities during World War II. In a speech to the United Nations Security Council, President Volodymyr Zelenskyy accused Russian troops of committing the most heinous war crimes since World War II. The European Union and Ukraine have formed a Joint Investigation Team to collect evidence and probe war crimes and crimes against humanity in Ukraine.
As a part of Fifth Round of Sanctions, The EU has slapped a four-billion-euro-per-year embargo on Russian coal imports. Russia will lose another key source of revenue as a result of this. Four major Russian banks, including VTB, Russia’s second largest bank, are subject to a full transaction embargo. These four banks, which have been completely walled off from the markets, account for 23% of the Russian banking sector’s market share. Russia’s banking system would be severely weakened as a result of this.
Access to EU ports is prohibited for Russian and Russian-operated vessels, as well as Russian and Belarusian road transport firms. The Russian industry’s options for obtaining critical items will be severely limited as a result of this embargo. However, essentials such as agricultural and food items, humanitarian relief, and energy will be exempt from the prohibition.
Export bans of ten billion euros in areas where Russia is vulnerable. This includes restrictions on exporting cutting edge technology involving Quantum computers, sophisticated semiconductors, sensitive industrial and transportation systems etc. Ban will continue to stifle Russia’s technological and industrial capabilities.
Specific new import bans worth EUR 5.5 billion on products ranging from wood to cement, seafood to liquor, as well as blocking loopholes between Russia and Belarus, are being implemented to end the money stream flowing to Russia as well as to weaken the financial muscles of Russian oligarchs.
An EU-wide prohibition on Russian enterprises participating in public procurement in Member States. This will result in exclusion of all financial assistance whether European or national, to Russian public organisations.
Russia’s military operations in Ukraine have been criticised Globally including United Kingdom, the United States, Canada, and the European Union, which has slapped sanctions on Moscow.
Ambassador Cindy McCain, the Permanent Representative of the United States Mission to the United Nations Agencies in Rome said that Ukraine is one of the world’s largest bread baskets, speaking at an event focused on examining the impact of war on African food security. Ukraine transfers 40% of its wheat and corn to the Middle East and Africa, who are already suffering from hunger. Ukraine was a key wheat supplier to the World Food Program. In more than 80 countries, including Ethiopia, South Sudan, and Nigeria, the World Food Programme feeds 138 million people. According to the Food and Agriculture Organization, Russia’s invasion of Ukraine will force up to 13 million additional people into food insecurity around the world.
Sanctions are aimed at punishing the Russia. Even if the war ends, it will take too long for restoration of normalcy in Russia and restoration of food supply impact to pre war level. Energy is the main source of Russian Revenue and as long as Europe continues to buy energy from Rusia, the sanctions will have limited impact.
Further The EU has begun to take tangible steps to improve Europe’s preparedness in the face of potential dangers posed by chemical, biological, or nuclear disasters. The European Union is establishing a decontamination reserve as well as a new stockpile of equipment for chemical, biological, and nuclear emergencies. The EU Civil Protection Mechanism is helping the Commission create strategic stocks of response capabilities. This includes a €540.5 million rescEU strategic stockpile, which was created in partnership with the Health Emergency Preparedness and Response Authority (HERA). This stockpile will include decontamination equipment and specialist response teams, as well as equipment and medicines, vaccines, and other treatments to treat people exposed to CBRN crisis agents.
Staff Galactik Views