A decision was made to establish a maximum price for oil and oil products of the Russian Federation.
The EU approved the eighth package of sanctions against Russia, including price restrictions on Russian oil. It also provides for a ban on the import of Russian goods worth 7 billion euros. This was reported by the European Commission.
“This package, which was closely coordinated with our international partners, is a response to Russia's escalation and illegal war against Ukraine, including the illegal annexation of Ukrainian territory based on fictitious referendums, the mobilization of additional troops and open nuclear threats,” the report says.
This package of sanctions introduces new EU import bans worth 7 billion euros to limit Russia's revenues, as well as export restrictions, further depriving the Russian military-industrial complex of key components and technologies, and the Russian economy of European services and expertise. Sanctions also deprive the Russian army and its suppliers of additional goods and equipment needed to wage war against Ukraine. The package also lays the groundwork for the necessary legislative framework to implement the G7 oil price cap.
Sanctions against individuals and legal entities
Sanctions were additionally applied against individuals and legal entities. The restrictions target those involved in the Russian occupation, illegal annexation and sham referendums in the occupied territories of Donetsk, Luhansk, Kherson and Zaporizhzhia regions. This also includes individuals and legal entities working in the defense sector of the Russian Federation, such as high-ranking and military officials, as well as companies that support the Russian armed forces. The EU also continues to target those who spread disinformation about the war.
EU restrictive measures target key decision-makers, oligarchs, high-ranking military and propagandists responsible for undermining Ukraine's territorial integrity.
Extension of restrictions to Kherson and Zaporizhzhia regions
The geographic scope of the restrictive measures was expanded to include all temporarily occupied territories of Ukraine in the Donetsk, Luhansk, Zaporizhia and Kherson regions.
New restrictions on imports
Additional restrictions were agreed upon restrictions on imports worth almost 7 billion euros. They include, in particular, a ban on the import of Russian finished steel products, machines and devices, plastics, vehicles, textiles, footwear, leather, ceramics, and some chemical products.
Additional export restrictions >
The new sanctions include additional export restrictions aimed at reducing Russia's access to military, industrial and technological products, as well as its ability to develop its defense and security sectors.
This includes a ban on coal exports, including coking coal. (which is used in Russian industrial enterprises), certain electronic components (in Russian weapons), technical products used in the aviation sector, as well as certain chemicals.
Introduction of oil price caps >
Today's package of sanctions marks the beginning of the EU's implementation of the G7 agreement on the export of Russian oil. While the EU's ban on imports of Russian oil by sea remains in full force, the price cap, once implemented, will allow European operators to carry out and maintain the transport of Russian oil to third countries, provided that its price remains below a pre-set “cap”.< /p>
This event is closely coordinated with G7 partners. It will enter into force after December 5, 2022 for crude oil and February 5, 2023 for refined petroleum products, after further decision by the Council.
Restrictions for state-owned enterprises
The new package of sanctions prohibits EU citizens from holding positions in the management bodies of some state-owned enterprises of the Russian Federation.
Financial services, IT consulting and other business services
The European Union introduces ban on servicing crypto wallets for citizens and residents of Russia.
Existing bans on cryptocurrency assets have been strengthened by banning all cryptocurrency wallets, accounts or depository services, regardless of wallet size.
The sanctions package expands the range of services that can no longer be provided to the Russian government or Russian legal entities: now they include IT consulting, legal consulting, architectural and engineering services.
Deterring sanctions evasion
The EU has introduced a new list criterion that will allow it to apply sanctions to persons who contribute to the violation of the ban on evasion of sanctions.
Read also: the Ministry of Foreign Affairs called on the EU and the G7 to impose sanctions against Rosatom for the annexation of ZNPP
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“EU sanctions against Russia have proven to be effective. They harm Russia's ability to produce new weapons and repair existing ones, as well as hinder the transportation of materials,” the EU said, stressing that the bloc is united in its solidarity with Kyiv and will continue to support Ukraine and its people together with international partners, in particular through additional political , financial and humanitarian assistance.
See special topic: In Alaska, men from Chukotka who escaped mobilization were detained The men, according to their confession, covered the distance to the American state by boat. Rocket attack on Zaporozhye: the number of victims has increased Rescuers continue to dismantle the rubble. More than 500 km² of territories were liberated in Kherson Oblast alone in October – Zelenskyi Ukrainian soldiers achieved success in eastern Ukraine as well. Ukrainians purchased 25 million worth of military bonds in three days The Ministry of Digital Affairs announced the first results of the new digital service. The Kremlin “accused” Zelensky of “igniting a world war” The President of Ukraine called on NATO to increase pressure and strike a preemptive strike against the nuclear blackmailer.
