The European Council announced that the 8th sanctions package prepared by the member states on the grounds that Russia’s illegal annexation of Ukraine’s Donetsk, Luhansk, Zaporizhia and Kherson regions and escalating the war was officially approved.
According to the package, which aims to increase the pressure on the Russian government and economy and weaken Russia’s military capability, additional restrictions were imposed on the transportation of crude oil and oil products from Russia to third countries by sea.
As of December 2022, the transportation of crude oil from Russia to third countries, providing technical services, intermediation, financing or financial services are prohibited.
As of February 2023, the provision of such services to petroleum products originating in Russia is included in the scope of the ban.
The legal basis for imposing a ceiling price on the transportation of Russian oil to third countries by sea has been prepared.
CEILING PRICE EXCEPTION
A ceiling price “exemption” was introduced for the provision of said transportation and financial services to Russian oil and petroleum products.
If Russian oil is sold below a ceiling price to be determined, transportation and various services will be offered.
The ban on EU ships to transport Russian oil to third countries by sea will be valid with the unanimous decision of the member states on the ceiling price.
The EU has also imposed new restrictions on its trade with Russia.
The EU has extended the import ban on steel products exported from Russia.
Import of wood pulp, paper, cigarettes, plastics, cosmetics, precious metals and stones from Russia to EU countries is prohibited.
The sale of various goods used in the aviation industry was also restricted.
SANCTION LIST EXPANDED
Individuals and institutions involved in holding illegal referendums in parts of Ukraine, representatives of the Russian defense industry, and war-related disinformation have been added to the sanctions list.
It paved the way for those who played a role in breaching the sanctions imposed on Russia to be subject to sanctions.
Restrictions that could contribute to Russia’s military and technological development or the defense and security sector were also expanded. The supply of various electronic components, chemicals and goods in this field to Russia is prohibited.
The sale, supply, transfer or export of civilian firearms, their basic components, ammunition, military vehicles and equipment or spare parts to Russia is prohibited.
EU CITIZENS CANNOT MANAGE RUSSIAN COMPANIES
EU citizens are prohibited from holding any office in the management of legal persons, organizations or bodies owned or controlled by the Russian state.
A transaction ban was imposed on the Russian Maritime Registry.
CRYPTO TRANSACTIONS PROHIBITED
The provision of crypto-asset wallets, accounts or custody services to Russian individuals and institutions, regardless of their total value, is completely prohibited.
The provision of services such as architecture, engineering, information technology and legal advice to Russia is included in the scope of the ban.
In addition, the scope of restrictions and sanctions imposed by the EU on Donetsk and Luhansk in the past has been expanded to include Zaporizhia and Kherson.