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EU approves 8th round of sanctions against Russia

EU approves 8th round of sanctions against Russia
06 October 2022

The European Commission has welcomed the agreement on the adoption of a new round of sanctions on Russia. This is the eighth package of sanctions that the EU has extended against Russia and responds to the continued escalation of the conflict in Ukraine, the annexation of Ukrainian territories based on a referendum and the threat to use weapons of mass destruction.

The new package includes the following elements:

  • Additional listings of individuals and entities and deterring sanctions circumvention: Targets individuals and entities working in the defence sector, including high-ranking and military officials as well companies supporting the Russian armed forces. Also, those involved in the occupied regions of Donetsk, Luhansk, Kherson and Zaporizhzhia and target restrictive measures on key decision makers, oligarchs, propagandists and those participating in evading sanctions.
  • Export/Import restrictions: The new sanctions extend a ban on exporting EU goods used in aviation sector which aim to reduce Russia’s ability to develop its defence and security sector. Also, the export of electric components, certain chemical substances, the export of coal including coking coal and other goods under the anti-torture regulation. Regarding the imports, includes the ban of Russian steel and steel products, imports of machinery and appliances, plastics, vehicles, cigarettes, footwear, leather, ceramics, non-gold jewellery and the imports of intermediate chemicals.
  • Restrictions on State-owned enterprises: It includes a ban on EU nationals to hold any posts on the governing bodies of certain state-owned enterprises. It also bans all transactions with the Russian Maritime Shipping Register, adding it to the list 100% state-owned enterprises which are subject to a transaction ban. The prohibition to provide financial, architectural and engineering services, IT consultancy services and legal advisory services to Russia. A full ban on crypto-asset wallet, accounts or custody services, irrespective of the amount of the wallet.
  • Implementing the G7 oil price cap: Today’s package introduces the basis to put in place a price cap related to the maritime transport of Russian oil for third countries and further restrictions on the maritime transport of crude oil and petroleum products to third countries. This will help to further reduce Russia’s revenues, while keeping global energy markets stable through continued supplies. This measure is being closely coordinated with G7 partners. It would take effect after December 2022 for crude and February 2023 for refined petroleum products, after a further decision by the Council.

Image © European Commission

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