EU Leaders Agree on More Sanctions Targeting Russia's Economy

The European Council announced on Thursday that EU countries have agreed on the twelfth package of sanctions against Russia; this means that the phased ban on imports of Russian diamonds, along with other sanctions, will come into effect on January 1. According to Reuters, diplomatic sources stated that while the draft of this package had been agreed upon by all countries earlier this week, Austria withheld its final approval until late Thursday. Austria stated that it had no objections but needed more time for a legal review of the draft. The new sanctions package includes a direct ban on imports of non-industrial diamonds from Russia starting January 1 and a gradual ban on imports of diamonds from third countries starting in March, in alignment with the G7 countries. Additionally, the new EU sanctions package includes measures to prevent Russia from accessing dual-use goods in certain products, prohibiting re-exports to Russia. EU member states have imposed multiple sanctions against Moscow since Russia's military invasion of Ukraine in February 2022, aiming to cut off revenues and military equipment that feed Moscow's war machine. The United States also imposed new sanctions on Tuesday, December 13, on over 250 individuals from 'accomplices' and organizations related to Russia's military attack on Ukraine. According to the U.S. Treasury Department, the new sanctions target a wide range of specific entities, individuals, and organizations in Russia, China, Turkey, the United Arab Emirates, and other countries that have strengthened Russia's ability to wage war against Ukraine and are increasing Russia's energy production and export capacity. The U.S. has previously imposed extensive sanctions against Russia since the beginning of the war in Ukraine. Moscow has labeled the imposed sanctions as illegal and claims that they hinder the development of the Russian economy. The EU has sanctioned 6 individuals and 5 entities related to the Islamic Republic's drone assistance to Russia. The U.S. has sanctioned several individuals and entities from Belarus. Putin has significantly increased Russia's military budget. The EU has signaled a green light for the start of negotiations for Ukraine's membership. Discussions among EU leaders regarding Ukraine's membership; Hungary is opposed.