The EU adopted the new sanctions against Russia

EU flag / Photo EPA-EFE/FREDERIC SIERAKOWSKI

At today's meeting in Luxembourg, the EU Foreign Affairs Council adopted new sanctions against Russia due to the war in Ukraine.

The new sanctions target areas of high value to the Russian economy, such as energy, finance and trade, and aim to make it harder to circumvent EU sanctions. Sanctions have also been introduced for 116 natural and legal persons.

The EU bans transshipment services of Russian liquefied natural gas on EU territory for transfer to third countries. This includes ship-to-ship transhipment and ship-to-shore unloading, but does not affect imports, only re-exports to third countries via the EU.

New investments, as well as the provision of goods, technology and services to complete liquefied natural gas projects under construction, such as Arctic LNG 2 and Murmansk LNG, are prohibited. Restrictions are being introduced on the import of Russian liquefied gas through terminals in the EU, which are not connected to the gas transmission system.

EU parent companies will have to ensure that their overseas subsidiaries do not engage in any activities leading to the circumvention of European sanctions. Arms dealers will be required to check whether their deals could lead to re-exports to Russia. Similar restrictions are in place for vendors of defense industry technology.

In terms of finance, a ban has been introduced on the use of the Financial Messaging System (SPFS), developed by the Central Bank of Russia to neutralize the effect of European sanctions. EU entities operating outside of Russia will be prohibited from linking to SPFS or similar specialized financial messaging services. EU companies will be prohibited from making transfers with specified persons using SPFS outside of Russia.

A ban on transfers with targeted credit and financial institutions and crypto-asset providers established outside the EU is imposed when these entities facilitate transactions that support the Russian defense industry through the export, supply, sale, transfer or transport to Russia of dual-use goods and the use of technology, ammunition and firearms.

The conditions for financing political parties and foundations, non-governmental organizations and the media in the EU are also being tightened. They will not be able to be financed by Russia and its allies.

The EU Council adds 61 entities to the list of those that directly support Russian military production. Some of these entities are located in China, Kazakhstan, Kyrgyzstan, Turkey and the United Arab Emirates and have been involved in circumventing sanctions or supplying drone parts. A ban on the export of chemicals, plastics, excavators, monitors and electrical equipment is introduced.

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