The European Commission will propose a ban on new investments in Russia’s mining sector as part of a fresh package of sanctions against Moscow aimed at further eroding the country’s economy and the Kremlin’s ability to fund its war against Ukraine.
The mining investment ban, which will have exceptions for some specific products, is part of a ninth EU sanctions package that officials will discuss with member states in the coming days and aim to have agreed by the end of next week, three people with knowledge of the discussions told the Financial Times.
Russia’s vast mining sector, a producer of commodities including gold, iron ore, uranium and phosphates, accounted for a quarter of foreign investment into the country before the Ukraine war, according to the Paris-based OECD.