The new sanctions package against Russia has now also been formally approved. “We continue to plague Russia’s wartime economy, limit Russia’s import and export capacity and are well on our way to freeing ourselves from Russian energy dependency,” EU foreign affairs chief Josep Borrell said on Thursday. Before the sanctions take effect, the legal text must be published in the Official Journal of the EU. This was scheduled for Thursday.
The package includes the legal basis for a price cap on oil imports from Russia, supported by the G7 countries. This should significantly reduce Moscow’s income. For example, the sea transport of oil products and crude oil from Russia worldwide should only be possible if the oil is purchased below a certain price. This is to be achieved by linking certain services, such as oil transportation insurance, to compliance with the rule.
Crude oil price ceiling comes in December
The price cap for Russian crude is expected to enter into force in early December, when an EU import ban via sea routes will also come into force, and for petroleum products in February 2023. Further preparations should now continue at the G7 level of economically strong democracies . The G7 also includes the EU countries Germany, France and Italy. Once the details have been established, EU countries must once again reach a unanimous agreement.
Import bans are worth seven billion euros
Import and export bans are also part of the new sanctions. For example, certain steel products are no longer allowed to be imported into the EU. The EU also introduces import restrictions on items such as cigarettes, plastic, leather, ceramics, certain jewelery and cosmetics. According to the European Commission, the new import bans are worth seven billion euros.
In addition, the export of products that Russia uses for the war against Ukraine will be further restricted. These include certain electronic components, chemicals, small arms and goods that can be used in torture. Architecture and IT services and legal advice should no longer be offered to Russia.
In the future, EU citizens will also not be allowed to hold seats on the governing bodies of certain Russian state-owned companies. In addition, there are sanctions against people who helped hold mock referendums in the areas of Ukraine now annexed by Russia. They are subject to entry bans and asset freezes.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
