Belgium (Brussels Morning) – The European Council approved the 14th Package of economic and individual sanctions against Russia. The package contains restrictive actions and sanctions on entities accountable for actions sabotaging or threatening the territorial integrity, sovereignty and freedom of Ukraine.
The European Council adopted today on 24 June 2024 a 14th package of economic and individual restrictive actions dealing a further disappointment to Putin’s government and those who memorialise his illegal, unprovoked and unjustified battle of aggression against Ukraine. These measures are developed to target high-value sectors of the Russian economy, like energy, finance and business, and make it even more challenging to circumvent EU sanctions.
What sectors are targeted by the EU’s latest sanctions?
The EU Council package contains restrictive actions on an additional 116 individuals and entities accountable for actions undermining or endangering the territorial integrity, sovereignty and freedom of Ukraine.
How does the EU aim to curb Russian LNG exports?
To ensure that EU facilities are not utilised to tranship Russian liquified natural gas (LNG) to third nations, and thereby decrease the significant revenues that Russia emanates from LNG sale and transport, the EU will prohibit reloading services of Russian LNG in the EU region for the purpose of transhipment operations to third nations. This shields both ship-to-ship transfers and ship-to-shore transfers, as well as re-loading functions, and does not involve import but only re-export to third countries through the EU.
What measures are included to prevent sanctions circumvention?
The EU is preparing itself with additional means to crack down on circumvention. First of all, EU parent institutions will be required to undertake their best measures to ensure that their third-country subsidiaries do not take part in any actions resulting in an outcome that the sanctions seek to stop.
How will the EU restrict Russia’s financial messaging services?
The Council also decided to restrict the use of the ‘System for Transfer of Financial Messages’ (SPFS), a specialised financial messaging assistance developed by the Central Bank of Russia to neutralise the impact of restrictive measures. EU entities working outside of Russia will be forbidden from linking to the SPFS or equivalent specialised financial messaging services.
How is the EU addressing Russian influence in its democracy?
Given the persistent Russian attempts to meddle with the democratic processes in the EU and undermine its democratic bases, including through influence campaigns and the advancement of disinformation, the Council determined that political parties and foundations, non-governmental institutions, including think tanks, or media assistance providers in the EU, will no longer be permitted to accept funding coming from the Russian state and its proxies.
What new restrictions are imposed on Russian-linked vessels?
The EU has assumed a measure targeting specific vessels donating to Russia’s warfare against Ukraine, which are subject to a dock access ban and ban on the condition of services. These vessels can be selected for various reasons such as the transport of military supplies for Russia, the transport of misappropriated Ukrainian grain, and support in the development of Russia’s energy sector, for instance via the transport of LNG components or transshipments of LNG.
What new export controls are added in the 14th sanctions package?
The EU Council counted 61 new entities to the list of those directly helping Russia’s military and industrial complex in its battle of aggression against Ukraine. They will be subject to more intimate export restrictions involving dual-use goods and technologies, as well as goods and technology which might assist in the technological enhancement of Russia’s defence and security sector.
How will EU operators be protected under new sanctions?
The package also includes efforts to allow EU operators to claim settlement from damages caused by Russian companies due to sanctions enactment and expropriation. It also creates the agency to draw up a list of companies subject to a transaction prohibition for meddling with arbitration and court competence.
