The EU is considering new sanctions on Russia, including a ban on diamond exports, to decrease Russia's revenue and put pressure on the country over its war in Ukraine. Additionally, there are discussions about imposing further sanctions on Iran for its support of Hamas.
Why it matters
The potential tightening of sanctions on Russia and Iran is significant as it demonstrates the EU's efforts to address ongoing conflicts and support its allies. These sanctions aim to decrease revenue and put pressure on the targeted countries, potentially impacting their actions and policies.
What the papers say
Politico says that the EU is discussing ramping up sanctions against Iran over its support for Hamas, while The Moscow Times reports that the EU is aiming to present proposals for new sanctions on Russia, including a ban on diamond exports. The Independent highlights that the European Commission is considering banning imports of diamonds and liquid petroleum gas from Russia as part of new sanctions. Metro warns that Russia is trying to use gold laundering to fund its war effort against Ukraine and evade UK sanctions. Politico also reveals that Bulgaria will scrap its exemption to EU sanctions against Russia, which allowed the Kremlin to earn an extra €1 billion for its war effort in Ukraine.
How we got here
The EU has already imposed multiple rounds of sanctions on Russia since its invasion of Ukraine in 2022. The latest proposals aim to further restrict Russia's revenue and target specific sectors, such as diamonds and oil. The discussions on tightening sanctions on Iran come in response to its support for Hamas, a designated terrorist organization.
More on these topics
The European Union is a political and economic union of 27 member states that are located primarily in Europe. Its members have a combined area of 4,233,255.3 km² and an estimated total population of about 447 million.
Russia, or the Russian Federation, is a transcontinental country located in Eastern Europe and Northern Asia. Covering an area of 17,125,200 square kilometres, it is the largest country in the world by area, spanning more than one-eighth of the Earth's in
Ukraine is a country in Eastern Europe. It is the second-largest country in Europe after Russia, which it borders to the east and north-east.