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US, EU each set to impose new sanctions on Russia

The commission may also ban the import of steel and related products, chemicals, and machinery.

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Washington: The United States and the European Union are each set to impose their own new set of sanctions on Russia, The Wall Street Journal reported, citing unnamed officials.

The White House will seek to impose economic pain via critical state-linked financial institutions, potentially the Russian Deposit Insurance Agency, National Payment Card System (Mir), Central Counterparty National Clearing Center, and the National Settlement Depository, the report said on Tuesday.

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The Biden administration is also allegedly considering blocking more Russian banks from the SWIFT global messaging system, adding export controls on more goods, and imposing sanctions on more state-run companies.

The European Commission will likely propose additional import and export controls and sanction more Russian officials and pro-Russian forces in Ukraine. The key import control it is looking to propose is a ban on nonindustrial rough diamonds, which is a key source for Belgium’s diamond industry.

The commission may also ban the import of steel and related products, chemicals, and machinery. It may tighten export controls on components that could be used in weaponry, aviation and hydraulics, according to the report.

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