NEW PACKAGE OF RUSSIA SANCTIONS ANNOUNCED BY THE EU

On 5 April, the EU announced a fifth package of sanctions, and that these have 6 pillars –

  • It will impose an import ban on coal from Russia, worth €4 billion per year;
  • There will be a full transaction ban on 4 key Russian banks, among them VTB, the second largest Russian bank;
  • A ban on Russian vessels and Russian-operated vessels from accessing EU ports (with exemptions will cover essentials, such as agricultural and food products, humanitarian aid and energy) – it also proposes a ban on Russian and Belarusian road transport operators;
  • Further targeted export bans, worth €10 billion, in areas in which Russia is vulnerable (e.g. quantum computers and advanced semiconductors, and sensitive machinery and transportation equipment);
  • Specific new import bans, worth €5.5 billion (e.g. products from wood to cement, from seafood to liquor); and it also close loopholes between Russia and Belarus; and
  • Further listings of individuals.

It was said that the EU was working on additional sanctions, including on oil imports, and was reflecting on some of the ideas presented by the Member States, such as taxes or specific payment channels such as an escrow account.

https://ec.europa.eu/commission/presscorner/api/files/document/print/en/statement_22_2281/STATEMENT_22_2281_EN.pdf

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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