EU adopts 8th package of sanctions against Russia
Market Insight 06 October 2022 06 October 2022
UK & Europe
On 6 October 2022, the EU announced that it had adopted an 8th package of economic and individual sanctions against Russia. The package includes the introduction of 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.
This will work by prohibiting the provision of maritime transport and any technical assistance, brokering services or financing/ financial assistance related to the maritime transport to third countries of crude oil (as of December 2022) or petroleum products (as of February 2023) that have originated or been exported from Russia and are purchased above the price cap.
The EU is also introducing further trade restrictions, including extending import bans on steel products, wood pulp and paper, cigarettes, plastics, cosmetics, and elements used in the jewellery industry, that originate or are exported from Russia. The sale, supply transfer and export of additional goods used in the aviation sector will also be restricted.
Other sanctions in the package include:
- Further sanctions on individuals and entities in the defence and media sectors. The Council also decided to broaden the criteria on which specific designations can be based, in order to target those that facilitate the circumvention of EU sanctions.
- An extension of the list of restricted items which may contribute to Russia’s military or technological development. The list will be extended to include certain electronic components, additional chemicals, and goods that can be used for capital punishment or torture.
- A prohibition on the sell, supply, transfer or export of civilian firearms and their essential components, ammunitions, military vehicles and equipment, paramilitary equipment, and spare parts.
- A ban on EU nationals being able to hold posts on any governing bodies of certain Russian-owned or controlled legal persons, entities or bodies.
- The designation of a State-owned entity which performs activities related to the classification and inspection of Russian and non-Russian ships and crafts to the Russian Maritime Shipping Register. The entities on this list are subject to a transaction ban.
- A complete ban on the provision of crypto-asset wallets, accounts or custody services to Russian persons and residents, regardless of the total value of the crypto-assets.
- A ban on providing architectural, engineering, IT consultancy, and legal advisory services to Russia.
The Council also decided that the geographical scope of the restrictions introduced on 23 February 2022, including the import ban on goods from the Donetsk and Luhansk oblasts, will be extended to Zaporizhian and Kherson.
The press release can be found here: EU adopts its latest package of sanctions against Russia over the illegal annexation of Ukraine's Donetsk, Luhansk, Zaporizhzhia and Kherson regions - Consilium (europa.eu)
The relevant legal acts can be found here: