(Finance) – The European Commission welcomed the 14th package of sanctions against Russia, adopted by the Council, to address issues on the ground and improve implementation. The EU intends further reduce Russia’s sources of income and warfare capacity while continuing to support Ukraine.
The package includes measures against Russian liquefied natural gas (LNG).banning future investments, exports to projects under construction in Russia and the use of EU ports for transshipment of Russian LNG after a nine-month transition period. Furthermore, bans the import of Russian LNG at terminals not connected to the EU pipeline network.
For the first timethe EU imposes targeted measures against specific ships who contribute to Russia’s war by denying them access to ports and the provision of services. These ships, involved in the transportation of Russian military equipment, stolen grain and energy components, are listed and will be monitored constantly. This measure it also targets oil tankers who are part of Putin’s dark fleet who circumvent the limits set by the EU and the Price Cap Coalition, adopting deceptive shipping practices in complete disregard of international standards. Currently, 27 ships are included in this list.
Furthermore, the package introduces new lists that they target individuals and entities responsible for actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraineto. Overall, another 116 lists of 69 individuals and 47 entities are subject to asset freezing and, in the case of individuals, also to a travel ban.
Financial sanctions are strengthened with the ban on EU banks outside Russia from using the SPFS systemthe Russian equivalent of SWIFT, and for banks from non-Russian third countries connected to this system of doing business with EU operators. Transactions with banks and cryptocurrency providers that support Russia’s industrial base are prohibited.
The package further limits exports of dual-use items and advanced technology towards entities linked to the Russian military complex, extending i export and import bans on various industrial and chemical products, including manganese ore and helium.
To combat sanctions evasion, the EU has reassessed and adjusted its strategies. To further limit Russia’s ability to access restricted goods and technologies, this package contains several measures aimed at strengthening private sector compliance, supporting enforcement by national competent authorities and hindering the evasion of sanctions, including by keeping tabs on foreign branches of EU operators. It also includes specific initiatives for protect EU operators from expropriation and for rrespond to other illegitimate actions of the Russian stateincluding theft of intellectual property.
The ban on imports of Russian diamonds, already agreed in the 12th sanctions package, is finalizedwith clarifications and extensions of the mandatory traceability period.
Finally, the new package includes measures that they protect our democratic processes and fight Russian interference, such as the ban on political parties receiving funding from the Russian state. It also includes measures that strengthen existing transport restrictions, and in particular the flight ban and the road transport ban.