European Union member states decided on new sanctions on Russia late Friday. According to the government, the new sanctions are a reaction to Russia’s attacks.
The list of new sanctions includes individuals and companies. Of the new sanctions, the operations of Finnish companies will be affected at least by the ban on the import of tires from Russia to Europe. Nokian Tires continues to manufacture tires in Russia.
The company announced that it would examine the new sanctions in detail and continue its plans to increase new production capacity in Europe. The ban on tire imports will not affect Nokian Tires’ heavy tire business, as the company manufactures them in Finland.
According to the Government, the new sanctions list also includes companies in the arms industry. Coal, certain peat fuels with a four-month transition period and other products that are significant sources of income for Russia were banned from imports. In addition, the list of iron and steel products subject to the import ban was extended.
Export restrictions were imposed on, among other things, products and technology that could enhance Russia’s military or technological capabilities. Products related to industrial activities were also banned from export.
Restrictions were also imposed on the financial sector. In the future, the ban on deposits of more than EUR 100,000 imposed on Russians was extended to cover cryptographic funds, which were limited to EUR 10,000.