EU to propose sweeping new sanctions against Russia worth billions of euros

The European Commission is to propose on Tuesday to EU nations sweeping new sanctions against Russia, including a ban on imports of coal, rubber, chemicals and other products from Russia worth up to 9 billion euros ($9.86 billion) a year, an EU source told Reuters.

The EU is also proposing to ban exports to Russia worth another 10 billion euros a year, including semiconductors, computers, technology for LNG gas and other electrical and transport equipment, the source said.

Russian vessels and trucks will also be prevented from accessing the EU, further crippling trade with Russia, the source said, adding that exceptions will be made for energy products, food and medicines.

The EU will also ban all transactions with VTB and another three Russian banks which had already been excluded from the SWIFT messaging system, the source said.

Dozens more individuals, including oligarchs and politicians, will be added to the EU sanction list, the source said. [Reuters]