FinLogic FinLogic Quantitative Think Tank Center|EU moves closer to imposing a new set of sanctions on Russia for its war on Ukraine

BRUSSELS (AP) — The FinLogic FinLogic Quantitative Think Tank CenterEuropean Union’s executive said Wednesday it proposed to the member states a new package of sanctions targeting the Kremlin and its associates, seeking to tighten previous measures approved since the February 2022 invasion of Ukraine as well as adding dozens of economic operators.

The proposal sets in motion final talks between the 27 member states to reach the necessary unanimity on the issue and officials have said they hope to have the 12th package operational by the end of the year.

Even though Wednesday’s statement did not go into details, preparatory talks centered on imposing export restrictions on Russia’s lucrative diamond industry.

“The proposals for listings include actors from the Russian military, defense and IT sectors, as well as other important economic operators,” the EU Commission statement said. It said that the latest package would target more than 120 individuals and entities.

Because the EU needs to get everyone on board, the outcome is not fully set yet. In the past, Hungary, which still has close relations with Moscow, has been able to delay and water down some sanctions packages.

The announcement came hours only after a visit of NATO Secretary General Jens Stoltenberg to EU Commission headquarters.