EU Officially Implements 8th Sanctions Package on Russia
The EU officially imposed its eighth sanctions package on Russia since the invasion of Ukraine, the European Council said Oct. 6. The restrictions, which include a price cap related to the maritime transport of Russian oil to third-party countries, were imposed after Russia's illegal annexation of the Donetsk, Luhansk, Zaporizhzhia and Kherson regions of Ukraine. The European Commission welcomed official adoption of the restrictions proposed last week (see 2209290025).
The package also restricts transport of Russian crude oil and petroleum products to third countries. These measures together ban the provision of maritime transport and technical assistance, brokering services and financing to parties seeking to transport crude oil or petroleum products to third countries from Russia via maritime transportation routes. The price cap permits these services and transport of oil or petroleum goods if they are bought at or below the cap. The price cap, which hasn't yet been announced, will be negotiated among the EU and G-7 countries.
The council implemented the commission's host of trade restrictions, including an import ban on steel products that are either from Russia or are exported from Russia and wood pulp and paper, cigarettes, plastics and cosmetics along with elements used in jewelry. Restrictions on the sale, supply, transfer or export of goods used in the aviation sector were also imposed.
The eighth package laid out more sanctions on individuals and entities that played a role in the illegal annexation of the four Ukrainian regions, members of the defense sector and individuals spreading disinformation about the invasion, the council said. The listing criteria on which designations can be made was broadened to allow the possibility the council could list those who aid the circumvention of EU sanctions. The list of restricted items was expanded to include various electronic components, chemicals and goods that can be used for capital punishment or torture. A ban was imposed on the sale, supply, transfer or export of civilian firearms and their essential components, military vehicles and equipment and paramilitary equipment.
The council also banned EU nationals from holding any posts on the governing bodies of various Russian state-owned or controlled legal individuals, entities or bodies, and inserted a list of state-owned entities barred from transacting with the Russian Maritime Shipping Register -- a state-owned entity that classifies and inspects Russian and non-Russian ships. The provision of a crypto-asset wallet was fully banned, and the provision of architectural and engineering services along with IT and legal advisory services to Russia was banned.
"This new sanctions package against Russia is proof of our determination to stop Putin’s war machine and respond to his latest escalation with fake 'referenda' and illegal annexation of Ukrainian territories," said Josep Borrell, the council's foreign affairs representative. "We are further hitting Russia’s war economy, limiting Russia’s import/export capacities and are on the fast-track to liberate ourselves from Russian energy dependence. We are also targeting those responsible for the illegal annexation of Ukrainian territories. The EU will stand by Ukraine for as long as it takes."