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EU adopts 13th sanctions package against Russia

Wednesday 6 March 2024 13:49 CET | News

The European Union has agreed on the 13th package of sanctions against the Russian Federation following two years of aggression in Ukraine.

 

The latest sanctions aim to further restrict Russia's access to military technologies, including drones, and to target additional companies and individuals involved in Russia's war effort. The package includes 194 individual designations, surpassing a total of 2000 listings. Notably, the sanctions target over 140 companies and individuals within Russia's military-industrial complex, responsible for manufacturing various military equipment such as missiles and military vehicles. Additionally, the package addresses entities involved in the shipment of armaments from the Democratic People's Republic of Korea to Russia, as well as individuals facilitating circumvention attempts and those violating children's rights in the conflict. 

In terms of trade measures, the EU expands its actions to prevent Russia from acquiring sensitive Western technologies for military purposes. Specifically, the package adds 27 Russian and third-country companies to the list of entities associated with Russia's military-industrial complex. Export restrictions will be imposed on these entities regarding dual-use goods and technology, as well as items contributing to Russia's defence and security sector, particularly those used in drone production. 

Furthermore, the package expands the list of advanced technology items subject to control, including components used in drones' development and production.  Additionally, the EU includes the United Kingdom in the list of partner countries for iron and steel imports, aligning their import control measures with EU regulations. 

The adoption of these sanctions reflects the EU's commitment to upholding its values and principles in the face of Russia's aggression against Ukraine. Full implementation of these measures is deemed crucial to denying Moscow the resources necessary to sustain its war efforts. The Commission pledges continued support to member states for effective enforcement, while also collaborating with third countries to address circumvention attempts.

 

The European Union has agreed on the 13th package of sanctions against the Russian Federation following two years of aggression in Ukraine.

 

The previous EU sanctions package

The previous EU sanctions package against Russia was adopted in December 2023, which focused on additional import and export bans on Russia, combatting sanctions circumvention and closing loopholes. 

The 12th package package included additional listings of Russian individuals and companies and new import and export bans, such as banning the export of Russian diamonds to Europe, in very close cooperation with G7 partners. Moreover, the package tightned the implementation of the oil price cap by monitoring more closely how tankers could be used to circumvent the cap. It also included stricter asset tracing obligations and tough measures on third-country companies circumventing sanctions.


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Keywords: financial sanctions, fraud prevention, regulation, compliance
Categories: Fraud & Financial Crime
Companies: European Commission
Countries: Europe
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Fraud & Financial Crime

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