According to a discussion paper seen by the Financial Times, among the sanctions discussed are a ban on Europeans purchasing Russian financial products, restrictions on exporting energy technology items for deep-sea drilling, Arctic exploration and shale oil extraction, as well as an arms embargo and an export ban on goods that have “dual use” – both for civilian and military purposes.
The most detailed measure explored is the financial one, that would prohibit the purchase of Russian bonds or shares issued by any of the Russian banks with more than 50 percent state ownership.
Adoption of these broader economic sanctions would require the agreement of EU leaders. However Berlin, traditionally cautious in moving ahead with sanctions on Russia, indicated it is losing patience with Moscow.
Spokesman Georg Streiter said Chancellor Angela Merkel now wanted “swift” economic sanctions, after Moscow’s failure to react EU demands to stop formenting unrest in Ukraine and to ease access to the site of the downed Malaysia Airlines plane.
“Russia has so far promised much and delivered nothing. Enough’s enough,” a spokeswoman for the German foreign office said, according to Reuters.