13:23 06 Oct 2022

EU agrees on eighth package of sanctions against russia

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On October 6, the Council of the European Union approved the decision to introduce a new package of economic and individual sanctions against russia

This is reported by European Pravda, referring to the press service of the Council of the EU.

This happened in response to russia's illegal annexation of Ukrainian territories.

The press service stated that the eighth package of sanctions introduces into the EU legislation the basis for setting the upper limit of prices for sea transportation of russian oil to third countries. It also includes further restrictions on sea transportation of crude oil and oil products to third countries.

According to the sanctions, it will be prohibited to:

  • carry out sea transportation and provide technical assistance,
  • brokerage services,
  • financing or financial assistance related to sea transportation to third countries of crude oil (from December 2022) or petroleum products (from February 2023) originating or exported from russia.
  • it will be possible to provide transport and the specified services if oil or oil products are purchased at the established price limit or cheaper.

In addition, additional import restrictions are imposed:

  • for wood pulp and paper,
  • cigarettes,
  • plastics and cosmetics,
  • as well as elements used in the jewelry industry, such as stones and precious metals, which generally bring significant revenues to russia.

The sale, transfer of supply, or export of ancillary goods used in the aviation industry will also be restricted.

In addition, the package agreed on Thursday also includes the imposition of sanctions on individuals and legal entities involved in the organization of illegal "referendums," representatives of the defense sector, and those who spread disinformation about the war.

The EU Council also decided to expand the criteria for inclusion on sanctions lists to include the possibility of punishing those who facilitate the circumvention of EU sanctions.

The decision of the Council of the EU also expanded the list of items of limited use that can contribute to russia's military and technical improvement or the development of its defense and security sector.

The list will now include the following:

  • certain electronic components,
  • additional chemicals and goods that can be used for capital punishment, torture, or other cruel, inhuman, or degrading treatment.

The Council of the EU introduces a ban on the sale, supply, transfer, or export of civilian firearms and their main components and ammunition, military equipment, paramilitary equipment, and spare parts.

The decision prohibits EU citizens from holding any positions in the management bodies of some russian state-owned or state-controlled legal entities, organizations, or bodies.

The sanctions also include the following:

  • Restrictions on crypto-assets.
  • The provision of architectural and engineering services.
  • Consulting services in the field of information technology and legal advice in russia.

The Council also decided that from now on, the geographical coverage of the restrictions introduced on February 23, which include, in particular, a ban on the import of goods from the non-government-controlled areas of Donetsk and Luhansk regions, will also be extended to the territories of the Zaporizhia and Kherson regions not controlled by the Ukrainian government.

It is noted that the relevant legal acts will soon be published in the EU Official Journal, and the sanctions will enter into force.

We will remind that last week the European Commission proposed the eighth package of sanctions against russia due to the invasion of Ukraine and the holding of illegal referendums in the occupied territories.

Meanwhile, Hungary said it has managed to ensure that price restrictions on russian oil are not applied to pipeline supplies and, in emergencies, sea supplies.

It also succeeded in excluding nuclear energy from the new EU sanctions package against russia.

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