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    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

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    Nationwide Voter registration begins August 18 – INEC

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    NERC has no authority over state tariff – Enugu Electricity Regulator

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    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

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    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

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    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    Buhari says Nigeria security and economy improved during his tenure

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    Consolidated Hallmark Holdings Plc declares 10 kobo interim dividend for H1 2025

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EU’s new sanctions rain down on Russia, hitting its Energy sector

Wednesday, 16 March 2022, 3:30 am
in News, World
0
New French Sanctions on Russia target steel, luxury goods and others
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Russia has been hit with new set of sanctions by the European Union. This is the fourth round of anti-Russian sanctions being implemented in response to Russia’s invasion of Ukraine.

The new sanctions which are wide ranging includes;

  1. A ban on all transactions with certain enterprises owned by the Russian State.
  2. A prohibition on various metal imports from Russia.
  3. Forbidding European Agencies from providing credit ratings to any Russian persons or entities.
  4. Prohibition of luxury goods export to Russia.
  5. Barring EU citizens from making any new investments in Russia’s energy sector.

Despite an embargo on investments in Russia’s energy sector, oil and gas imports to the EU remain unaffected. Europe depends heavily on Russia for its energy imports, and while leaders in Brussels plan to lessen that dependence, they have stopped short of imposing import bans like the UK and US have already done.

Also read; Ukraine’s constitution-enshrined bid for NATO Membership not realizable – Zelensky

The prohibition on export of luxury items to Russia will affect goods worth more than US$328, including Champagne, handbags, diamonds and vehicles worth more than US$54,730.

An exhaustive list of banned goods published in the EU’s legal journal also mentions luxuries like purebred racehorses and works of art, as well as mundane purchases like cotton t-shirts and cigarettes.

The Russian entities on the sanctions list includes the jet fuel subsidiary of energy giant Rosneft and eight other Russian Entities. Russian arms manufacturers and other military-industrial firms were also on the list.

Chelsea FC owner, Billionaire Roman Abramovich was also sanctioned along with 14 other individuals.

Previous rounds of sanctions had targeted Russian lawmakers and businesspeople, the country’s financial sector, and media outlets RT and Sputnik.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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