The EU issues its 5th sanction package against Russia

The European Union has released a list it refers to as the 5th Sanction package against Russia and Belarus for the ongoing crisis. According to the Union, the sanctions were meant to pile pressure on Russia for its military operation.

In terms of import and export, the EU said it has placed a €4 billion per year ban on the importation of coal import from Russia. Another €5.5 billion euros was also slapped on other undisclosed import areas.

Additionally, an export ban amounting to €10 billion. This will cover items such as advanced semiconductors, machinery and transport equipment.

The transport sector was also hit with other sanctions. Russian vessels have been denied access to EU ports. A ban has also been placed on Belarus and Russian road transport operators.

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Moreover, sanctions have been placed on Russian banks, including VTB which is the 2nd largest Russian bank. According to the statement, Russian companies will also be cut out of public procurement. The country will also be exempted from financial.

Meanwhile, some major countries in Europe still depend on Russian oil; the European Union indicated that, it is planning to work on sanctions on the oil sector as well.

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