United to win: EU prepares 14th package of sanctions against Russia

The European Union is preparing the 14th package of sanctions against the Russian Federation.

The Vice President of the European Commission, Valdis Dombrovskis, announced this, according to Radio Svoboda.

"We have started preparing the 14th package of sanctions, which will be adopted in the spring. It is likely to include a wide range of restrictive measures aimed at combating circumvention – for example, in the maritime sector, as Russia continues to try to violate the ceiling on oil export prices," Dombrovskis emphasized.

According to him, the EU is also looking for ways to prevent Russia from circumventing sanctions through Western subsidiaries operating in countries outside Europe.

"From the EU's point of view, EU parent companies that retain influence over the business operations of their foreign subsidiaries may be liable for the operations of those subsidiaries," Dombrovskis said.

The Vice President of the European Commission admitted that sanctions against Russia could work even more effectively.

He noted that, for several reasons, the short-term impact of the sanctions was less pronounced than expected, yet they did raise expenses for the Russian economy.

"At the same time, it should be recognized that, in general, Russia managed to establish new trade routes relatively quickly. It increased trade with countries that do not impose sanctions, such as China, India, some countries in the Middle East, and some others. While direct exports to Russia from the EU and other countries that imposed sanctions decreased, part of the export of goods subject to sanctions reached Russia through certain countries that are not part of the EU and through subsidiaries of European companies operating outside the EU," Dombrovskis stated.

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As reported, the latest 13th package of sanctions was approved by the Council of the EU in February on the eve of the anniversary of the full-scale invasion of the Russian Federation.

It provided for restrictions against 106 people and 88 legal entities "responsible for undermining or threatening the territorial integrity, sovereignty and independence of Ukraine."

The priority for these sanctions was the military and defense industries of Russia and those involved in the delivery of missiles there from the DPRK, as well as those responsible for the deportation and military "re-education" of Ukrainian children.

Also, on February 23, the United States of America introduced a large-scale package of sanctions against Russia for its military aggression in Ukraine. Hundreds of legal entities fell under the restrictions.

In addition, Canada introduced new sanctions against the Russian Federation. The restrictions affected several defense factories, a seaport, and an assistant to the Russian Federation's president.

The Swiss authorities announced their accession to the 13th package of EU sanctions against Russia, approving both the expansion of the sanctions list and the restrictive trade measures it provided.