EU: Eighth sanctions package against Russia approved – Oil price ceiling comes

EU Council approves eighth set of sanctions against Russia in a strong response to illegal annexation Donetsk, Luhansk, Zaporizhia and Kherson of Ukraine by Putin.

“The agreed package includes a series of tough measures aimed at increasing pressure on the Russian government and economy, weakening Russia’s military capabilities and making the Kremlin pay for its recent escalation,” the council said in a statement. EU.

The High Representative of the EU Joseph Borel said: “This new package of sanctions against Russia is proof of our determination to stop Putin’s war machine and respond to his latest escalation with fake ‘referendums’ and illegal annexation of Ukrainian territory. We further hammer Russia’s war economy, limit its import/export capabilities, and are on the fast track to freeing ourselves from Russian energy dependence. We are also targeting those responsible for the illegal annexation of Ukrainian territories. The EU will stand by Ukraine for as long as it takes.”

The new sanctions package introduces into EU law the basis for a price cap related to sea ​​transportation of Russian oil for third countries and further restrictions on marine transportation of crude oil and oil products in third countries.

Specifically, it will be prohibited to provision of maritime transport and the provision of technical assistance, brokerage or financing or financial assistance related to the maritime transportation of crude oil to third countries (from December 2022) or petroleum products (from February 2023) originating in Russia or exported from Russia. The price cap derogation would allow the transport and these services to be provided if oil or oil products are purchased at or below a pre-set price cap. The new ban on EU ships providing maritime transport of such products to third countries will apply from the date the Council unanimously decides to introduce the price cap.

Concerning the trade, the EU is extending its ban on imports of steel products either originating in or exported from Russia. Further import restrictions are also imposed on wood pulp and paper, cigarettes, plastics and cosmetics, as well as items used in the jewelry industry, such as stones and precious metals, which together generate significant revenue for Russia. The sale, transfer or export of additional goods used in the aviation sector will also be restricted.

In addition, the new package includes the following:

• The imposition of sanctions on individuals and entities who played a role in the organization of illegal “referendums”, representatives of the defense sector and known figures who spread disinformation about the war. The Council also decided to include on the sanctions list those who facilitate the circumvention of EU sanctions.
• The expansion of the list of prohibited items that may contribute to the military and technological improvement of Russia or the development of the defense and security sector.
• The prohibition of the sale, supply, transfer or export of civilian firearms and their essential components and ammunition, military vehicles and equipment, paramilitary equipment and spare parts.
• Prohibiting EU nationals from holding positions on the governing bodies of certain Russian state-owned or controlled legal persons, entities or bodies.
• The inclusion in the list of state entities subject to the trading ban of the Russian Maritime Shipping Register, a 100% state-owned entity that performs activities related to the classification and inspection, including in the field of security, of Russian and non-Russian ships and vessels .
• The complete prohibition of providing cryptocurrencies, account or custodial services to persons and residents of Russia, regardless of their total value.
• The ban on providing architectural and engineering services, as well as IT consulting and legal consulting services in Russia.

The Council also decided that from today, the geographical scope of the restrictions introduced on 23 February, including in particular the ban on the import of goods from non-government-controlled areas of Donetsk and Luhansk regions, will be extended to also cover non-government-controlled regions of Zaporizhia and Kherson regions.

It is noted, finally, that the relevant legal acts will soon be published in the Official Journal of the EU.

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