BREAKING NEWS

EU adopts new sanctions against Russia including coal import ban

The European Union on Friday formally adopted its fifth package of sanctions against Russia, including bans on the import of coal, wood, chemicals and other products.

The measures also prevent many Russian vessels and trucks from accessing the EU, further crippling trade, and will ban all transactions with four Russian banks, including VTB. VTBR.MM

The ban on coal imports will be fully effective from the second week of August. No new contracts can be signed from Friday, when sanctions are to be published in the EU's official journal.

Existing contracts will have to be terminated by the second week of August, meaning that Russia can continue to receive payments from the EU on coal exports until then. 

"These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other places under Russian occupation," EU's top diplomat, Josep Borrell, said in a statement.

The Kremlin has said that Western allegations Russian forces committed war crimes by executing civilians in the Ukrainian town of Bucha were a "monstrous forgery" aimed at denigrating the Russian army.

In addition to coal, the new EU sanctions ban imports from Russia of many other commodities and products, including wood, cement, fertilizers, seafood and liquor, for a total value estimated in 5.5 billion euros ($5.9 billion) a year.

The EU also restricted export to Russia of a number of products, including jet fuel, quantum computers, advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment, for a total value of 10 billion euros a year.

($1 = 0.9197 euros)

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