RE: Sanctions6 Dec 2022 22:18
EU to propose sanctions on Russia’s mining industry
Bloc aims for ban on investments in one of country’s biggest industries in effort to further cripple economy
Russia’s vast mining sector, a global producer of gold, iron ore, uranium and phosphates, accounted for a quarter of foreign investments into the country before the Ukraine war
Henry Foy and Sam Fleming in Brussels
The European Commission will propose a ban on new investments in Russia’s mining sector as part of a fresh package of sanctions against Moscow aimed at further eroding the country’s economy and the Kremlin’s ability to fund its war against Ukraine.
The mining investment ban, which will have exceptions for some specific products, is part of a ninth EU sanctions package that officials will discuss with member states in the coming days and aim to have agreed by the end of next week, three people with knowledge of the discussions told the Financial Times.
Russia’s vast mining sector, a producer of commodities including gold, iron ore, uranium and phosphates, accounted for a quarter of foreign investment into the country before the Ukraine war, according to the Paris-based OECD.
The measure, if backed unanimously by the 27 EU states, would mark the first time Brussels has directly targeted Russia’s metals sector, which it has previously avoided because of fears over the potential impact on global supply chains.
Trading company Glencore owns a 10.55 per cent stake in EN+, which controls Russia’s largest aluminium producer. Global investors including BlackRock, Vanguard and UBS Asset Management hold stakes in major Russian mining companies including Norilsk Nickel and Evraz, according to data from S&P Capital IQ.
The full EU sanctions package, which could be amended before implementation, includes export controls on civilian technologies that Brussels bel
Sign In
Follow the stocks
