EU Council Approves 14th Package of Sanctions Against Russia

The European Union Council has endorsed the 14th package of economic and individual sanctions in response to Russia’s aggression against Ukraine.

This decision was made on 24 June, as announced by the EU Council’s press service. These sanctions aim to further weaken the regime of President Vladimir Putin and those supporting his illegal, unprovoked, and unjustified aggressive war against Ukraine.

The latest package includes restrictive measures against 116 individuals and legal entities deemed responsible for actions that undermine or threaten Ukraine’s territorial integrity, sovereignty, and independence.

Energy Sector Restrictions

The EU will prohibit the transhipment of Russian liquefied natural gas (LNG) within EU territory for onward transport to other countries. This includes ship-to-ship transfers, ship-to-shore operations, and reloading activities. These restrictions do not impact imports but focus solely on re-exporting to third countries via the EU.

Additionally, the EU will ban new investments and the provision of goods, technologies, and services necessary to complete LNG projects such as Arctic LNG 2 and Murmansk LNG. Further limitations will be placed on importing Russian gas through EU terminals not connected to the natural gas system.

Anti-Sanctions Evasion Measures

To counter the re-export of military goods found in Ukraine or critical for the development of Russian military systems, EU operators selling such items to third countries must implement due diligence mechanisms capable of identifying and mitigating the risks of re-export to Russia.

EU companies are now responsible for ensuring their subsidiaries in third countries do not circumvent sanctions against Russia. Operators transferring industrial know-how for producing military goods to commercial partners in third countries must now include contractual provisions to ensure such know-how is not used for products intended for Russia.

Financial Measures

The EU Council has also decided to ban the use of the “System for Transfer of Financial Messages” (SPFS), a specialised financial messaging service developed by the Russian Central Bank to counteract the effects of restrictive measures. EU operators are prohibited from conducting transactions with individuals using SPFS outside Russia.

Moreover, the Council has introduced a ban on transactions with targeted credit and financial institutions and crypto asset providers based outside the EU if these organisations facilitate transactions supporting Russia’s defence-industrial base by exporting, supplying, selling, transferring, or transporting dual-use goods and technologies, sensitive items, military goods, firearms, and ammunition to Russia.

These measures form part of a broader strategy to exert economic pressure on Russia and limit its capacity to sustain military operations in Ukraine. The EU remains committed to supporting Ukraine’s sovereignty and territorial integrity and ensuring that those responsible for aggression face significant consequences.

Read also:

New U.S. Sanctions Sever Russia’s Ties to Global Financial System

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