UPDATE: EU to approve new sanctions, blacklist 600 Russians Tue

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PARIS/BRUSSELS/WASHINGTON/TOKYO, Mar 15 (PRIME) -- The E.U. will approve a new sanction package against Russia on Tuesday, and the new sanctions will cover more than 600 Russians, French Economy and Finance Minister Bruno Le Maire said before the beginning of a summit of E.U. finance ministers.

“The new package of sanctions will be approved this morning. Such a strong package of sanctions has never been approved in the history of the E.U. yet. More than 600 Russian individuals will be covered by the sanctions,” he said.

The French Presidency of the E.U. Council said in a statement on its Twitter page on Monday that the permanent representatives of the E.U. countries have coordinated the fourth package of anti-Russian sanctions at a meeting.

Previously, officials of the E.U. said that the new round of sanctions would include suspension of exports of luxurious goods to Russia, suspension of investment into its energy sector, and restrictions for the metals industry in addition to expansion of the blacklist of individuals.

The measures will come into effect following a publication in the official E.U. Journal, the French Presidency said.

The permanent representatives also approved a decision to file a declaration to the World Trade Organization (WTO) demanding suspension of the application of the most-favored-nation clause to Russia in the organization and suspension of examining the application of Belarus for joining the WTO.

European Commission Vice President Maros Sefcovic said separately at a meeting of the Atlantic Council that it would be difficult for the E.U. to reduce dependency on the Russian energy sources, but it was not impossible.

JAPANESE SANCTIONS

The Japanese Foreign Ministry said in a statement on Tuesday that Tokyo had decided to slap personal sanctions on 17 more Russians. The blacklist includes the Communist Party’s General Secretary Gennady Zyuganov, tycoon Viktor Vekselberg, the family of tycoon Yury Kovalchuk, and State Duma deputies Yury Afonin, Yevgeny Bessonov, Leonid Kalashnikov, and others.

Kyodo news agency reported citing Economy, Trade, and Industry Minister Koichi Hagiuda that Japan planned to reduce dependency on exports of energy sources from Russia, including exports of the liquefied natural gas (LNG).

Hagiuda said that the country should develop utilization of renewable energy sources in the country and raise the share of power produced at nuclear power plants. It is also important for Tokyo to sign contracts with LNG suppliers that are not Russia, he said, as reported by Kyodo.

REACTION TALKS

U.S. White House Press Secretary Jen Psaki said in a news briefing that Washington and its allies think they have completely crushed the Russian economy with sanctions.

“Well, the endgame is really a question for President (Vladimir) Putin. We have – we have completely crushed his economy. We have provided military assistance, humanitarian assistance to the Ukrainians, enabling them to fight back for far longer than the Russian leadership anticipated,” she said.

World Bank President David Malpass said that the anti-Russian sanctions would have a more significant impact on the global gross domestic product (GDP) than the military operation in Ukraine.

Nevertheless, other countries of the world will be able to recover from the suspension of supplies of energy sources and foods from Russia and Ukraine swiftly. The agriculture sector of the other countries would be able to adapt to the situation in a year or so, Malpass said.

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