“The EU approved the 15th package of sanctions against the Russian Federation The Council of the EU approved the 15th package of sanctions against Russia. The new restrictive measures are aimed at weakening Russia’s ability to wage an aggressive war against Ukraine.”, — write on: unn.ua
Details
These restrictive measures are aimed at solving the problem of circumventing EU sanctions by targeting Putin’s shadow fleet and weakening the Russian military-industrial complex.
Today’s package includes solutions on:
Individual lists
The Council of the EU agreed to a significant package of sanctions of 84 points, which included 54 individuals and 30 organizations responsible for actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine.
As for individuals, the EU imposes sanctions against the military unit responsible for the attack on the Ohmadit Children’s Hospital in Kyiv, top managers of leading companies in the energy sector, individuals responsible for child deportation, propaganda and sanctions evasion, as well as two high-ranking North Korean officials.
As for the subjects, the EU primarily targeted Russian defense companies and shipping companies responsible for the transportation of oil and petroleum products by sea, providing important revenues to the Russian government. The sanctions list also included a chemical plant, a civilian Russian airline that is an important supplier of logistical support to the Russian military. For the first time, it imposes full-fledged sanctions (entry ban, asset freeze, ban on access to economic resources) against various Chinese entities that supply components for drones and microelectronic components to support Russia’s war of aggression against Ukraine.
Bypassing sanctions
The Council of the EU added new vessels to the list of those subject to a ban on access to ports and a ban on the provision of a wide range of services related to maritime transport. The measure targets non-EU tankers that are part of Putin’s shadow fleet that circumvents the oil price ceiling mechanism or supports Russia’s energy sector, or ships that are responsible for transporting military equipment for the Russian Federation or involved in the transportation of stolen Ukrainian grain 52 vessels originating from third countries were today subject to sanctions on these grounds, bringing the total number of sanctioned vessels to 79.
Trade
The EU Council also added 32 new subjects to the list of those who directly support Russia’s military-industrial complex in its war of aggression against Ukraine. They are subject to stricter export restrictions on dual-use goods and technologies, as well as goods and technologies that can contribute to the technological improvement of Russia’s defense and security sector. Some of these organizations are located in third countries (China, India, Iran, Serbia and the United Arab Emirates) and have been involved in circumventing trade restrictions or involved in the procurement of sensitive goods used for Russian military operations, such as UAVs and rockets
Protection of European companies
In order to better protect European companies from legal disputes with Russian partners, the Council of the EU decided to prohibit the recognition or enforcement in the EU of decisions rendered by Russian courts on the basis of Article 248 of the Arbitration Procedure Code of the Russian Federation.
In addition, the EU Council introduced an exemption allowing the release of cash balances held in EU Central Securities Depositories (CSDs). This is necessary in light of more frequent legal proceedings and retaliatory measures in Russia that lead to the seizure of CSD assets in the EU. Thanks to this exemption, CSDs will be able to request the competent authorities of the EU Member States to unfreeze the remaining funds and use them to fulfill their legal obligations to clients.
Finally, the EU has extended the deadlines that apply to some of the exemptions required to withdraw investment from Russia. Due to the risks of maintaining business activity in Russia, EU operators should consider winding down business in Russia and/or not starting new business there. The exceptional extension of divestment exemptions is necessary to allow EU operators to exit the Russian market as soon as possible. Extensions of exemptions are granted by Member States on a case-by-case basis and are aimed at ensuring an orderly process of withdrawal of investments, which is not possible without the extension of these terms.
The relevant legal acts will soon be published in the Official Journal of the EU, as indicated.
The US may strengthen sanctions against the “shadow fleet” and introduce restrictions against Chinese banksDecember 15 2024, 03:55 • 63154 views