More sanctions on Russia. This sector was previously untouchable

If the Commission’s plan is supported by member states, it would be the first attempt to impose sanctions on the extractive industry, which has so far avoided restrictions due to fears that it will negatively affect the economy. in global supply chains – writes “FT”.

The Russian mining industry supplies to world markets, among other things, 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 Tuesday that his company will “monitor (the Russian market) and take appropriate steps with respect to sanctions” that could affect its investments.

An interviewer with the British daily said the European Commission’s proposal was still being polished, but was likely to be predictive. Exceptions for some strategic products Important for global markets for metals such as titanium and palladium.

The new sanctions package will be discussed by EU ambassadors later this week, and if necessary – also by EU leaders at the summit next Thursday, reports the “Financial Times”.