According to sources cited by Bloomberg, the European Union (EU) is debating fresh penalties against nations it believes are not doing enough to stop Russia from getting around prior sanctions. The EU also aims to restrain Russia’s transportation of numerous products. The restrictive measures might be implemented before the G7 summit, which will take place in late May.

The new instrument, according to the agency’s interlocutors, will be used to block trade routes for nations that support Russia. EU member states may apply sanctions on the supply of essential goods if the tool proves unsuccessful. According to Bloomberg, imports to Russia from China, the UAE, Turkey, and Kazakhstan have increased. The agency claims that these nations provide semiconductors and integrated circuits to Russia.

Following a vote, the European Union’s members will decide which nations and products to include on the sanctions list. The procedure must be approved by each member state of the EU. According to the agency’s sources, the new instrument will mainly have an impact on Central Asian nations and Russia’s « closest neighbors. »

source: bloomberg.com