EU’s new sanctions ban some oil transport, add export and import bans and tackle circumvention
On 6 October 2022, the European Union imposed new sanctions on Russia in response to Russia’s invasion of Ukraine. The eight package of sanctions will ban transport of Russian oil that exceed a pre-established price cap and add new import and export bans. The new package will extend and specify the already imposed sanctions and include new provisions on their implementation. In addition, the EU introduces a new criterion for the listing of individuals and entities subject to sanctions that will make it possible to add to the list those who facilitate the circumvention of EU sanctions.
The EU’s eighth sanctions package is a response to Russia escalating its invasion of Ukraine. Russia has taken steps to attempt the illegal annexation of Ukrainian regions and the changing of international borders by force. Mobilisation in Russia and the threat to use nuclear weapons are further ways to escalate the war in Ukraine.
The EU firmly rejects and unequivocally condemns the illegal annexation by Russia of Ukraine's Donetsk, Luhansk, Zaporizhzhia and Kherson regions. The first part of this package concerns the listing of individuals and entities subject to sanctions. These individuals include “leaders” installed in Russian-occupied Ukrainian regions, representatives of the Russian armed forces, politicians, Russians engaged in disinformation and information manipulation, and influential business leaders who support or benefit from the Russian Government. The entities now added to the list are companies supporting the Russian armed forces.
The second part of the sanctions package will further restrict trade and extends the import and export bans. The aim is to deprive the Russian defence sector of key technologies, such as aviation items, electronic components and specific chemical substances. The new export bans will additionally weaken Russia’s economic base and its capacity to modernise. The EU also imposes bans, among others, on providing European architectural, engineering and IT consultancy services to Russia and prohibits EU nationals to hold any posts on the governing bodies of Russian state-owned companies.
The third part of the package concerns Russian oil. The EU has earlier banned maritime transport of Russian crude oil. This ban enters into force later this year. The G7 has agreed to introduce a price cap on Russian oil for third countries. The oil price cap would reduce Russia’s revenues and help to keep global energy markets stable. In accordance with this part of the package, transport of Russian oil to third countries would be prohibited if the price of the transported oil exceeds the price cap.
The fourth part of the package steps up efforts to prevent circumvention of sanctions. A new criterion is added allowing the EU to designate persons and entities, which facilitate the circumvention of sanctions. Sanctions are being circumvented, for example, when goods are taken from the EU to third countries and then to Russia and when arrangements are made to conceal beneficial owners. Persons and entities, which are engaged in such activities, may be designated, pursuant to the new criterion. This new designation criterion will reduce the willingness to facilitate the circumvention of sanctions.
So-called sectoral sanctions regime
So-called person and entity sanctions regime
So-called Donetsk’s and Luhansk’s sanctions regime
Pia Sarivaara, Counsellor, Team Leader (sanctions), tel. +358 295 350 660
Sanna Selin, Director of Unit (economic sanctions), tel. +358 295 350 612
The email addresses of the Ministry for Foreign Affairs are in the format email@example.com
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