{"id":120438,"date":"2022-10-07T11:05:00","date_gmt":"2022-10-07T09:05:00","guid":{"rendered":"https:\/\/www.cde.ual.es\/?p=120438"},"modified":"2022-10-07T11:42:59","modified_gmt":"2022-10-07T09:42:59","slug":"new-sanctions-package-for-russia","status":"publish","type":"post","link":"https:\/\/www.cde.ual.es\/en\/new-sanctions-package-for-russia\/","title":{"rendered":"New sanctions package for Russia"},"content":{"rendered":"

In light of Russia\u2019s escalating war of aggression against Ukraine and the illegal annexation of Ukraine’s Donetsk, Luhansk, Zaporizhzhia and Kherson regions, the Council decided yesterday to impose a new package of economic and individual sanctions against Russia.<\/strong><\/p>\n

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The agreed package includes a series of biting measures intended to reinforce pressure on the Russian government and economy, weaken Russia’s military capabilities, and make the Kremlin pay for the recent escalation.<\/p>\n

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Josep Borrell, High Representative for Foreign Affairs and Security Policy: “<\/cite>This new sanctions package against Russia is proof of our determination to stop Putin\u2019s war machine and respond to his latest escalation with fake \u201creferenda\u201d and illegal annexation of Ukrainian territories. We are further hitting Russia\u2019s war economy, limiting Russia\u2018s import\/export capacities and are on the fast-track to liberate ourselves from Russian energy dependence. We are also targeting those responsible for the illegal annexation of Ukrainian territories. The EU will stand by Ukraine for as long as it takes”.<\/p>\n<\/div>\n<\/blockquote>\n

The package agreed introduces into the EU legislation the basis to put in place a price cap<\/strong>\u00a0related to the maritime transport of\u00a0Russian oil for third countries<\/strong>\u00a0and further restrictions on the\u00a0maritime transport of crude oil and petroleum products<\/strong>\u00a0to third countries.<\/p>\n

Concretely, the combination of these measures works as follows. It will be\u00a0prohibited to provide maritime transport<\/strong>\u00a0and to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of\u00a0crude oil<\/strong>\u00a0(as of December 2022) or\u00a0petroleum products<\/strong>\u00a0(as of February 2023) which originate in or are exported from Russia. The price cap derogation would allow the provision of the transport and these services if the oil or petroleum products are purchased at or below a pre-established price cap. The new prohibition for EU vessels to provide maritime transport for such products to third countries will apply as of the date in which the Council will unanimously decide to introduce the price cap. The price cap will drastically reduce the revenues Russia earns from oil after its illegal war on Ukraine has inflated global energy prices. The oil price cap can also serve to stabilise global energy prices.<\/p>\n

As concerns\u00a0trade<\/strong>, the EU is extending the\u00a0import ban<\/strong>\u00a0on\u00a0steel products<\/strong>\u00a0that either originate in Russia or are exported from Russia. Further import restrictions are also imposed on\u00a0wood pulp and paper, cigarettes, plastics and cosmetics<\/strong>\u00a0as well as elements used in the jewellery industry such as stones and precious metals, that altogether generate significant revenues for Russia. The sale, supply transfer or export of additional goods used in the\u00a0aviation sector<\/strong>\u00a0will also be restricted.<\/p>\n\n\n\n
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Economic sanctions on Russia renewed for another six months
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The package agreed also comprises:<\/p>\n