The U.S. and the EU are preparing new sanctions against Russia

The United States and the European Union are preparing to impose a series of sanctions against Russia. Some of them may be announced on Wednesday, the Wall Street Journal reported.

According to the newspaper, the European Commission intends to propose new export-import restrictions, including a ban on imports of some Russian diamonds. It also intends to expand the list of Russian officials and functionaries in the separatist regions subject to sanctions.

The United States is going to impose broader sanctions to increase financial pressure on the Kremlin and isolate the Russian economy. The targets of the sanctions could be state-related financial institutions that are key to the functioning of the economy: the Deposit Insurance Agency (DIA), which guarantees bank deposits of Russians, and the Mir payment system. Sanctions may also be imposed on the National Clearing Center and the National Settlement Depository, which ensure the normal functioning of the Russian securities market. The Biden administration is also considering disconnecting more Russian banks from the SWIFT system, expanding the number of goods banned for export to Russia, and imposing sanctions on several Russian companies.

The final decision on which of these sanctions will be introduced has not yet been made, the newspaper said.

Discussions in the European Commission are taking place amid friction in the European Union over the future of sanctions. Hungarian Prime Minister Viktor Orban calls for easing the sanctions, the decision on the extension of which is to be made in January. Poland and the Baltic states insist that only tougher sanctions will deprive the Kremlin of the financial capacity to wage war. The EU has not imposed sanctions against Russia since July.