EU imposes 12th round of economic and individual sanctions on Russia

Today, December 18, the European Union adopted the twelfth package of economic and individual restrictive measures in connection with the continuation of Russia's aggressive war against Ukraine.

This is reported on the EU website.

"With this 12th package, we are putting forward a robust set of new listings and economic measures that will further weaken Russia's war machine. Our message is clear, as I already stated when I chaired the informal Foreign Affairs Council in Kyiv: we remain steadfast in our commitment to Ukraine and will continue to support its fight for freedom and sovereignty," said the head of European diplomacy, Josep Borrell.

What was included in the new package of sanctions

Russian diamonds

A ban is imposed on the direct or indirect import or transportation of diamonds from Russia. This ban applies to diamonds originating in Russia, diamonds exported from Russia, diamonds transiting through Russia, and Russian diamonds processed in third countries.

The ban also applies to jewelry with Russian diamonds.

Import-export controls and restrictions

Twenty-nine organizations that support Russia's military-industrial complex in its war against Ukraine were added to the sanctions list. Some of them belong to third countries and are involved in the circumvention of trade restrictions, or are Russian organizations involved in developing, producing, and supplying electronic components for Russia's military-industrial complex.

The ban on transit for dual-use goods and technologies exported from the EU to third countries through the territory of Russia has been extended.

Oil price cap

Stricter rules for the implementation of the oil price cap will be introduced. Also, a strengthened information exchange mechanism will better identify vessels and organizations that engage in deceptive activities, such as ship-to-ship transfers.

The Council introduced notification rules for selling tankers to any third country to make their sale and export more transparent. In particular, we are talking about used vehicles that can be used to evade the ban on the import of Russian crude oil or oil products and the G7 price restrictions.

Iron and steel

Today's decision adds Switzerland to the list of partner countries that apply a set of restrictive measures on iron and steel imports from Russia.

Individual lists

In addition to economic sanctions, the Council included many additional individuals and legal entities in the list.

Blocking of sanctions against the Russian Federation by Austria

On December 12, the ambassadors of the European Union could not agree on a new package of sanctions against Russia. Austria harmed the adoption of the decision, as Vienna demanded that Ukraine exclude the banking group Raiffeisen Bank International from the list of international sponsors of the war.

The bank did not sell its business after the Russian invasion of Ukraine and continued to operate in the Russian market. In February, the US Office of Foreign Assets Control began investigating RBI's operations in Russia, partially occupied territories of Ukraine and Syria.

For reference:

The EU intended to introduce the 12th package of sanctions against Russia by the end of December. It included, in particular, a ban on the supply of machines that could be used to produce weapons. The EU also wanted to ban imports of liquid propane, cast iron, copper and aluminum wire, foil, and pipes.

The critical point of the package remained the embargo on Russian diamonds from January 1, 2024. The EU also planned to gradually ban the import of Russian diamonds processed in third countries.

It should be noted that the head of the Office of the President of Ukraine Andriy Yermak said on December 15 that the leaders of the European Union agreed on the 12th package of sanctions against Russia.