The European Commission has adopted the 20th package of sanctions against Russia. With this new package, the EU has introduced further extensive measures in the areas of energy, finance and trade policy.
EU steps up pressure on Russia’s oil sector and shipping industry
A total of 36 new entries target companies across the entire value chain of the oil industry. The EU is also expanding measures against Russia’s ‘shadow fleet’ and adding further vessels, as well as a major marine insurer, to the list. This brings the total number of vessels on the EU list to 632.
Stricter safeguards will apply to the sale of tankers from the EU in future, including a mandatory ‘No Russia’ clause.
Tightening of sanctions against the Russian financial sector
Transactions with Russian crypto service providers and decentralised platforms will be completely prohibited in future. Furthermore, the new EU sanctions package provides for the blocking of payment services that facilitate international transactions designed to circumvent sanctions.
In addition, the EU is excluding a further twenty Russian banks from the single market. A total of seventy institutions are now affected.
New sanctions against Russia in the areas of trade, defence and legal protection
The package of sanctions includes new export bans worth over €365 million on items such as rubber and agricultural machinery, as well as stricter controls on defence-related goods, thereby tightening trade restrictions. At the same time, cybersecurity services for Russia are being restricted and import bans on metals, chemicals and minerals worth over €530 million are being introduced. Furthermore, imports of ammonia are being restricted.
The EU is taking targeted action against Russia’s military industry by adding 58 further companies and individuals, including those from third countries, which supply Russia with dual-use goods, to the sanctions list.
First-ever activation of the ‘anti-circumvention mechanism’
For the first time, the ‘anti-circumvention mechanism’ is also being activated, as the Kyrgyz Republic has failed to sufficiently prevent the circumvention of sanctions.
In addition, the package includes 120 further listings of individuals and entities, including oligarchs, propagandists and those responsible for human rights violations. Finally, the EU is strengthening the legal protection of its companies, for example through measures against abusive litigation in Russia, compensation claims and transaction bans against actors who profit from expropriation or the theft of intellectual property.
Links:
EU verabschiedet 20. Sanktionspaket gegen Russland
Neues Sanktionspaket gegen Russland
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