Headlines
EU applies fresh sanctions on Russia

In light of Russia’s war against Ukraine, the European Council decided to impose a new package of economic and individual sanctions against Russia.
The agreed package includes a series of strict measures to reinforce pressure on the Russian government and economy, weaken Russia’s military capabilities, and make the Kremlin pay for the recent escalation.
The package agreed introduces into the EU legislation the basis to put in place a price cap related to the maritime transport of Russian oil for third countries and further restrictions on the maritime transport of crude oil and petroleum products to third countries.
More specifically, it will be prohibited to provide maritime transport and to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of crude oil (as of December 2022) or petroleum products (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.
As concerns trade, the EU is extending the import ban on steel products that either originate in Russia or are exported from Russia.
Further import restrictions are also imposed on wood pulp and paper, cigarettes, plastics and cosmetics as well as elements used in the jewellery industry such as stones and precious metals, that altogether generate significant revenues for Russia.
The package agreed today also comprises:
The sanctioning of individuals and entities that have played a role in the organisation of illegal “referenda”, representatives of the defence sector, and well-known persons spreading disinformation about the war.
The extension of the list of restricted items which may contribute to Russia’s military and technological enhancement or the development of its defence and security sector.
A full ban of the provision of crypto-asset wallet, account or custody services to Russian persons and residents, regardless of the total value of those crypto-assets;
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