The latest from EU diplomats on possible sanctions includes ban on purchases of debt and shares issued by Russian banks but not Russian government debt.

  • Ban on investment in new Russian bank equity and debt would apply only to banks with state ownership over 50% and instruments with maturity longer than 90 days
  • Restricting access to capital for Russian state owned banks is to constrain their ability to finance Russian economy
  • Ban would cover primary and secondary market purchases of instruments used after ban enters force
  • Would also ban listing of new Russian issues on EU stock exchanges
  • Considering embargo on exports of arms to Russian defence sector
  • EU mulling ban on all dual use goods for military use, end users or mixed end users
  • Considering ban on energy technology but only for long term production not to disrupt current supply
  • Further discussions to continue next week

Still lots of “considering”, “mulling” and maybe’s but there’s signs that Europe might actually really want to tighten the screws. Of course they’ll be doing it while trying to limit any blowback damage from the sanctions.