The draft text of the 8th EU sanctions package on Russia will ban imports of several steel products, cosmetics from Russia as well as other products considered to generate significant income in Russia. The package will also outlaw the export of certain semiconductors to Russia, Politico writes.
Russian diamonds were left off the list which will be beneficial in particular for Belgium's diamond industry.
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In previous sanction packages, Russia faced bans on exports of coal, gas, gold, vodka and caviar. However, diamonds represent one of Russia's top ten non-energy exports by value, with 2021 diamond exports totaling over $4.5 bn.
The EU is considering further sanctions on Russia, including a ban on diamonds and tapping frozen assets to assist Kyiv, according to Bloomberg sources.