EC mulls sanctions on Russia mining industry - report

The European Commission is considering banning new investments in Russia’s mining sector, it was reported on Tuesday, as part of a fresh package of sanctions.

According to the Financial Times, officials will discuss the proposed ban with member states in the coming days ahead of intending to secure agreement by the end of next week. The newspaper cited three unnamed people with knowledge of the discussions. The EC declined to comment.

Russia is a major global producer of gold, iron ore, uranium and phosphates, and much like the energy sector, mining is a major source of income for the Kremlin.

The EU and other western allies have imposed a series of sanctions on Russia following the invasion of Ukraine in February. Banks, defence companies and energy producers have been targeted alongside a host of named individuals, including government officials and oligarchs.

Any further sanctions, including a potential ban on new investments in the mining sector, will need the backing of all 27 EU member states. Country leaders are next scheduled to meet next Thursday.