On October 6, 2022, after numerous disputes, the countries of the European Union adopted the eighth package of sanctions against Russia. The package was prepared before Russia announced the annexation of four Ukrainian regions, so it seems not powerful enough. In particular, the package did not include: a ban on the import of Russian diamonds; the introduction of criminal liability for assistance in circumventing sanctions; confiscation of 330 billion Russian assets frozen in the EU. However, the imposed restrictions are expected to cause up to 7 billion euros in damage to the Russian economy.
The most important sanctions:
EU export ban:
- Russian metal products according to the established list;
- wood pulp, paper and plastics;
- stones and precious metals used in the jewelry industry;
- cosmetics;
- cigarettes.
Russian import ban:
- civilian weapons;
- a wide range of products that can contribute to the development of the Russian defense and security sector (aircraft spare parts, chips and other radio electronics);
- chemicals and other goods that can be used for war and acts of violence;
- architectural and engineering services, IT consulting and legal services.
Instead of introducing criminal liability for assistance in circumventing sanctions, the EU countries agreed on the possibility of including organizations and persons engaged in such activities on the sanctions lists. Such legal entities and individuals were not included in the specific list of the eighth package of sanctions. There are mainly people who contributed to the holding of pseudo-referendums in the occupied territories of Ukraine. Of the famous personalities, the EU sanctions list included: singers Gazmanov and Rastorguev, singer Chicherina, philosopher Dugin, head of the Central Election Commission of the Russian Federation Pamfilova. They are banned from entering the EU, their assets in the EU will be seized.
The EU countries agreed on the possibility of setting a price ceiling for Russian oil. We are talking about the fact that the ban on buying oil from Russia at prices higher than the established ones will also apply to third countries. This will be achieved by prohibiting the provision of transport and insurance services for transportation to countries that buy oil from the Russian Federation at a higher price. However, the price ceiling itself will be set later, after agreement with the non-EU G7 countries.
In addition, EU citizens are prohibited from serving on the boards of directors of a number of Russian state-owned companies. Citizens of Russia and residents of this country will not be able to use European crypto wallets.
The European Union again declared full support for Ukraine's right to self-defense against Russian invaders. The Netherlands made a significant contribution to the promotion of the eighth package of sanctions against Russia. The proposals of the Dutch government were tougher than the decisions taken, but some EU countries demanded their softening.
Publication Date: 18.10.2022
