More sanctions on Russia. This sector was previously untouchable
The EC proposal provides for a ban on investing in the mining sector, which receives a quarter of foreign investments in Russia.
If the Commission’s plan is supported by Member States, it will be the first attempt to hit the extractive industry with sanctions, which has so far avoided restrictions due to fears that it will negatively affect the economy. on global supply chains – writes “FT”.
The Russian mining industry supplies world markets with, among others, gold, iron ore, uranium and titanium. Companies and funds such as Glencore, BlackRock, Vanguard and UBS Asset Management have invested in mines in Russia.
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Glencore CEO Gary Nagle said on Tuesday that his company “will monitor (the Russian market) and take appropriate steps regarding sanctions” that could affect its investments.
One of the interlocutors of the British daily said that the EC proposal is still being refined, but it will probably be predictive exceptions for certain products having strategic importance to global markets for metals such as titanium and palladium.
The package of new sanctions will be discussed by EU ambassadors later this week, and if necessary – also by EU leaders at the summit next Thursday, reports “FT”.
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