The EU approves the fifth package of sanctions against Russia.

The EU Council has approved the fifth package of economic and personal sanctions against Russia in response to its war against Ukraine. According to the EU Council, the package includes several measures to increase pressure on the Russian government and economy as well as limit the Kremlin’s resources for aggression. Here are some of the sanctions included in the package:

1. A ban beginning August, 2022 on purchasing, importing, or transporting coal and other solid fossil fuels in the EU if they originate in Russia or are exported from Russia.
2. A ban on providing EU port access to vessels registered under the Russian flag.
3. A ban on all Russian and Belarusian trucking companies transporting goods by road within the EU, including in transit.
4. Further export bans on jet fuel and other goods.
5. A total ban on transactions has been imposed on four key Russian banks, which represent 23% of the market in the Russian banking sector.