EU Imposes 14th Sanctions Package Against Russia
The European Union has agreed on its fourteenth package of sanctions against Russia in response to its ongoing war in Ukraine. This new package includes a ban on the re-export of Russian liquefied natural gas (LNG) within the territorial waters of EU countries. The decision was announced by Belgium, which currently holds the rotating presidency of the EU, on the social network X (formerly Twitter), highlighting that the package aims to 'increase the impact of existing sanctions by closing loopholes.'
Tightening Measures and Closing Loopholes
The EU countries discussed the new measures for over a month, with Germany requesting an impact assessment on one of the Commission's proposals aimed at preventing further ways of circumventing the sanctions. This proposal, which was eventually eased, would have required companies affiliated with EU companies in third countries to prohibit contracting to re-export their goods to Russia. The EU is particularly keen to stop the arrival of dual-use technology, such as washing machine chips, that Russia could use for military purposes.
Broader Impact and Additional Sanctions
The new sanctions package also targets the shadow fleet that transports Russian oil outside the framework of the price ceiling imposed by the Group of Seven major industrialized countries. The EU has added tankers to the list of entities subject to sanctions, including at least two Russian-owned ships transporting military equipment from North Korea. Additionally, 47 new entities and 69 individuals have been added to the EU sanctions list, bringing the total to 2,200. The package is expected to be formally ratified when EU foreign ministers meet on Monday.
- The President of the European Commission, Ursula von der Leyen, welcomed the decision, stating that the impactful plan would further deprive Russia of access to key technologies and additional energy-related revenues. She emphasized that the sanctions would tackle Putin's shadow fleet and parallel banking network abroad.
- The previous package of sanctions was implemented last February, targeting Chinese companies with links to Russian forces engaged in Ukraine. Companies from India, Turkey, and Serbia were also targeted for contributing to the Russian war effort.
