EU Council Approves 14th Round of Sanctions Targeting Russia
The European Union has recently adopted a new package of sanctions against Russia in response to its military actions in Ukraine. The 14th package of sanctions aims to target key sectors of the Russian economy, including energy, finance, and trade, making it more challenging for Russia to bypass EU sanctions.
According to EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, these sanctions have already significantly weakened the Russian economy and thwarted President Putin’s plans to destroy Ukraine. The latest measures demonstrate the EU’s unity in supporting Ukraine and curbing Russia’s criminal activities against Ukrainians.
The new package of sanctions includes various restrictive measures such as targeting additional individuals and entities, restricting the transit of Russian liquefied natural gas through European ports, banning new investments in LNG projects under construction, and prohibiting the use of the System for Transfer of Financial Messages (SPFS) developed by the Central Bank of Russia.
Additionally, the package includes restrictions on vessels from Russia’s “dark fleet,” banning private flights ordered by individuals and legal entities from Russia over EU territory, export restrictions on companies aiding Russia in circumventing trade restrictions, and bans on the supply of certain goods to Russia, including manganese ore, rare earth elements, plastics, and helium.
Furthermore, the measures allow EU operators to claim compensation for damages caused by Russian companies due to sanctions implementation and expropriation. It also prohibits the trade of Ukrainian cultural property and other goods of archaeological, historical, or religious significance that may have been unlawfully removed from Ukraine.
The EU Council plans to publish the relevant legal acts in the Official Journal of the EU to outline the specific details of these sanctions. The latest measures underscore the EU’s commitment to supporting Ukraine and holding Russia accountable for its actions in the region.
