The EU has agreed on the 12th package of sanctions against Russia, which will take €5B from the aggressor.

On November 15, the head of European diplomacy, Josep Borrell, and the European Commission presented a proposal for the twelfth package of sanctions against Russia. It provides for the introduction of sanctions against more than 120 individuals and legal entities for their role in undermining Ukraine’s sovereignty and territorial integrity. These include representatives from the military, defense, and IT sectors of the Russian Federation, as well as “other important economic operators”.

The EC also proposes introducing new import and export bans as well as measures to strengthen the oil price ceiling and counter the evasion of EU sanctions.

According to Bloomberg, the twelfth package will restrict trade in goods with a total value of about €5B. Also, the package includes a ban on Russian diamonds from January 1 and a gradual introduction of an indirect ban on importing Russian diamonds processed in third countries.