New package of EU sanctions against Russia to affect restrictions on oil, IT & cybersecurity

Hawkish EU member states are pushing for hard-hitting measures against Russia, including ejecting more banks from the Swift messaging network and banning diamond imports, as the bloc drafts a new round of sanctions over the Ukraine war, Report informs referring to the Financial Times.

Countries including Poland and the Baltic states are demanding the new measures - which would also target luxury goods and Russia’s IT, cyber security and software industries - in response to Vladimir Putin’s military escalation this week.

However, officials said it would be difficult to find consensus among all 27 member states, while Hungary has said it does not want any new sanctions at all.

The main goal of the European Commission is to push through a hard-fought G7 agreement to cap the price of Russian oil following months of US-led negotiations.

A potential new set of penalties, which would be the eighth round of sanctions, has yet to be formally tabled after meetings between commission officials and representatives of member states beginning on September 23.

It is expected to contain legislation to implement the cap on the price of Russian crude, more listings of sanctioned individuals and measures targeting Russia’s IT, cyber security and software industries, officials said.

Those countries most adamant that the EU needs to increase pressure on Moscow, including Poland and the Baltic states, have circulated detailed measures they believe the commission should support. Their ideas include a ban on imports of diamonds, which would hit Belgium, ejecting more Russian banks from the global Swift network, curbing the availability of IT and other services to Russia, and applying all the same sanctions against Belarus, an ally of Moscow in the war.