EU agrees on eighth package of sanctions against Russia
This package introduces new EU import bans worth €7 billion
The European Commission says it welcomes the Council's adoption of an eighth package of sanctions against Russia.
This package introduces new EU import bans worth €7 billion to curb Russia's revenues, as well as export restrictions. This includes the banning of the export of coal including coking coal (which is used in Russian industrial plants), specific electronic components (found in Russian weapons), technical items used in the aviation sector, as well as certain chemicals.
According to the statement, today's package marks the beginning of the implementation within the EU of the G7 agreement on Russian oil exports. “While the EU's ban on importing Russian seaborne crude oil fully remains, the price cap, once implemented, would allow European operators to undertake and support the transport of Russian oil to third countries, provided its price remains under a pre-set “cap”, reads the statement.
This measure is being closely coordinated with G7 partners. It would take effect after 5 December 2022 for crude and 5 February 2023 for refined petroleum products, after a further decision by the Council.
Today's package bans EU nationals from holding posts in the governing bodies of certain state-owned enterprises. It also bans all transactions with the Russian Maritime Register, adding it to the list of state-owned enterprises which are subject to a transaction ban.
The sanctions, first introduced by the EU and the U.S. in 2014, were significantly expanded after the beginning of Russia’s special military operation in Ukraine in February 2022. They currently consist of a broad spectrum of sectoral measures, including restrictions on finance, energy, technology and dual-use goods, industry, transport and luxury goods. G7 finance ministers also agreed implement the price cap for Russian oil.
Related links:
G7 to implement the price cap for Russian oil >>>>
G7 foreign ministers and the EU High Representative issued a statement about energy security and resilience >>>>
EU renews economic sanctions against Russia >>>>
