Brussels (Brussels Morning Newspaper) – The European Union is considering the gradual imposition of sanctions on importing Russian liquefied natural gas (LNG) and aluminum, Bloomberg reported.
The latest restrictive measures will be a component of the European Union’s 16th sanctions package against Russia for its fight in Ukraine. The proposed sanctions will include limitations on dozens of ships in Russia’s shadow fleet ferrying Russian oil, as well as improved export controls on goods employed for military objectives. In addition, this move will lead to more banks being detached from the SWIFT system.
According to media reports, aluminum sanctions will be phased in, with the timeframe and scale yet to be decided. As for now, the abandonment of LNG imports could be executed either as a sanction or as a component of a roadmap that the EU‘s executive body prepares to present next month. The draft recommendations are still under debate by EU member states and may be altered before their official declaration.
European Union is also considering recommendations to add more firms from third nations, including China and the UAE, to the sanctions list for helping Russia in formulating technology employed in weapons. Further restrictions on Russia’s transportation domain are also being examined. Similarly, the EU intends to shut additional loopholes that permit Moscow to avoid existing restrictions and present higher tariffs on agricultural products and fertilizers as part of the new sanctions package.
How does the 15th sanctions package help the defense of Ukraine?
The European Union adopted, on December 16, 2024, its 15th round of the sanctions package against Russia. The asset freeze measures targeted 54 individuals and 30 entities connected to Russia’s activities in Ukraine as part of this package. Among them are Russian defense and shipping companies, military units, and Chinese suppliers of drone components.
It introduces measures to protect EU companies from anti-suit injunctions in Russia and offers “no liability” clauses for central securities depositories (CSDs). This is supposed to protect EU companies withdrawing from the Russian market by extending deadlines for divestment-related exceptions.
