EU set to propose new Russia sanctions, fixes to earlier actions

The European Union is set Friday to propose a new slate of penalties targeting Russia for its invasion of Ukraine, as well as actions to tighten previously approved sanctions packages, according to people familiar with the matter.

The new measures, which one of the people called a “compliance and alignment package,” are expected to target Russian gold, introduce more trade restrictions on machinery and add more than 50 people and entities to the sanctions list.

The proposals will include clarifications and fixes to earlier measures that may have hindered the flow of agricultural and food exports from Russia, the people said. The EU hasn’t directly sanctioned essential and humanitarian exports but some shipments may have been slowed by traders and companies overcomplying with the bloc’s measures.

As part of those modifications the EU is also expected to clarify that ports from where such goods are shipped are not sanctioned, one of the people said.

The new sanctions package requires the backing of all member states and could change before that happens. The aim is to formally adopt the measures next week, the people said.

The bloc hopes that the announcement would act as guidance to help ease any doubts and concerns over essential trade, as food prices have spiked around the world, one of the people said. 

The EU has also been discussing lifting sanctions on a small number of Russians over legal concern, Bloomberg reported on Thursday.