Entry into force of new EU sanctions against Russia after annexations
The sanctions that the European Union approved on Wednesday entered into force on Thursday. Member States have been discussing since last week what eighth package of sanctions imposed on Russia since the start of the invasion of Ukraine on 24 February.
These new measures, published in Official newspaper of the EU, are a “response to Russia’s escalation in the illegal war that it continues to wage against Ukraine, as illustrated in particular by the annexation of Ukrainian territories after sham “referendums”, the mobilization of additional troops and the threat of openly brandished nuclear weapons”says the European Commission.
This EU sanctions package introduces €7 billion worth of new import bans to reduce Russia’s revenue. They include, in particular, an embargo on imports of iron and steel products, machinery and appliances, plastics, vehicles, textiles, footwear, leather, ceramics, certain chemicals and non-gold jewelery .
The new export restrictions are aimed at reducing Russia’s ability to develop its defense and security sector. They concern in particular “the ban on the export of coal, including coking coal (used in Russian industrial sites), certain specific electronic components (present in Russian weapons), technical items used in the aviation sector, as well that certain chemical products, says the European executive. A ban on the export of small arms is also planned.
In addition, thirty people and seven entities have been added to a blacklist which includes, in total, more than 1,300 names, subject to asset freezes and bans on staying in the EU. The people and entities added are “involved in Russian occupation, illegal annexation and sham “referendums” in the occupied territories of Donetsk, Luhansk, Kherson and Zaporizhia oblasts ». Among them are senior officials and military personnel as well as companies supporting the Russian armed forces.
Bans on crypto-assets have been tightened, and the range of services that can no longer be provided to the Russian government has been expanded.
The EU embargo on imports of Russian crude oil by sea is fully maintained, it is specified. “The price cap, once implemented, will allow European operators to transport Russian oil to third countries, provided that the price of the latter remains below a pre-established ceiling”indicates the Commission, specifying that the measure, in coordination with the G7 partners, “would take effect after December 5, 2022 for crude oil and February 5, 2023 for refined petroleum products, after further decision by the Board” (Member States).