Brussels plans to ban investments in the mining industry, as well as target banks, media companies, and individuals, the Financial Times reports.
The European Commission is considering adding a ban on investments in Russia’s mining sector to its ninth sanctions package, the Financial Times newspaper reported on Tuesday, citing sources familiar with the matter.
According to the report, the ban will offer exceptions for some products in the mining industry. No further details have been provided.
Russia has a vast mining sector and Brussels believes that targeting it would help the West put further pressure on the country’s economy and reduce Russia’s ability to fund its ongoing military operation in Ukraine. Russia is a major global supplier of titanium, palladium, gold, iron ore and uranium. The country’s mining industry accounted for a fourth of all of Russia’s foreign investments before the Ukraine conflict, according to the Paris-based Organization for Economic Co-operation and Development (OECD).
The upcoming sanctions package is expected to be completed by the end of next week, sources claim. The measure requires unanimous approval by all 27 EU member-states.
The package will reportedly also include export controls on dual-use products and technologies that can be used by Russia’s defense industry; further sanctions against Russian banks and residents; a ban on Russian media channels deemed propagandist and restrictions on cooperation with the country’s marketing and market research companies.
