International sanctions

The Sanctions Buster

Illustration: BIRN

Slobodan Tesic is reputedly one of the biggest arms traders in the Balkans. He is also one of the most controversial in the region, having been the subject of UN sanctions over violations of embargoes on weapons exports to Liberia for the best part of a decade.

The complete ban on the purchase of Russian coal comes into force today. The measure was approved as part of the fourth package of sanctions adopted in April against Russia over the war in Ukraine.

Another ban on imports from Russia is due to be implemented later this year: a partial oil embargo.

Here are the highlights of events related to the war in Ukraine over the past 24 hours:

Zelensky: Lack of new sanctions increases the nuclear threat

Hungarian Prime Minister Viktor Orban commented on the national radio station Kossuth Rádió on Friday about the current situation and the consequences of Western sanctions against Moscow, saying that his previous assumptions about their effect have now been confirmed, as the sanctions policy has not lived up to the European Union's initial hopes.

The Commerce Department said the targeted companies had supplied items to Russian “entities of concern” before the February 24 invasion

The G-7 countries have imposed a new package of sanctions against Russia. The measures are aimed at the military industry and military supply chains.

World markets are expecting an "insanely difficult" summer due to the partial embargo of the European Union on Russian oil, Business Insider reports, citing analyst Victor Chatenay.

According to him, the only hope for lower resource prices will be "insanely" high interest rates on loans.

Over 70% of people surveyed in the EU agree with the imposition of economic sanctions on Russia, with two-thirds feeling that more stringent sanctions should be imposed. Support for economic sanctions is particularly high in Scandinavian countries, the Baltic states, Romania, Poland and Ireland.

They said that India and China are profiting from the sanctions

At his garage in the south of Moscow, 35-year-old mechanic Ivan is starting to worry.    

With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet to feel the full impact of the barrage of Western sanctions imposed over its offensive in Ukraine.    

But Ivan sees storm clouds on the horizon.