The European Union has officially published the eighth package of sanctions against Russia. This package imposes new EU import bans worth 7 billion euros, as well as export restrictions. The sanctions also "deprive the Russian army and its suppliers from further specific goods and equipment needed to wage its war on Ukrainian territory. The package also lays the basis for the required legal framework to implement the oil price cap envisaged by the G7."
Specifically, this package contains the following elements:
Additional export restrictions aimed at reducing Russia's access to military, industrial and technological goods and its ability to develop the defense and security sector.
This includes a ban on exports of coal, including coking coal (which is used in Russian industrial plants), certain electronic components (used in Russian weapons), technical products used in the aviation industry, and certain chemicals.
A ban on the export of small arms and other goods was added.
Additional import restrictions amounting to almost 7 billion euros were agreed upon.
They include a ban on imports to Russia of finished and semi-finished steel products (with a transition period for some semi-finished products), machinery and equipment, plastics, vehicles, textiles, footwear, leather, ceramics, some chemical products and non-gold jewelry.
The package marks the beginning of the implementation within the EU of the G7 agreement on Russian oil exports. While the EU's ban on imports of Russian crude by sea remains in full force, the price ceiling once implemented will allow European operators to transport and maintain Russian oil to third countries as long as its price remains below the predetermined ceiling.
This measure will take effect after December 5, 2022 for crude oil and February 5, 2023 for petroleum products after the adoption of an additional decision by the European Council.
Today's package prohibits EU citizens from holding positions in the governing bodies of certain Russian state enterprises.
It also bans all transactions with the Russian Maritime Register, adding it to the list of state-owned enterprises subject to the transaction ban.
Existing bans on crypto-assets were tightened by banning all wallets, accounts or crypto-asset storage services, regardless of the amount of the wallet (previously, up to 10,000 euros was allowed).
The package expands the range of services that can no longer be provided to the Russian government or legal entities registered in Russia: they now include IT consulting, legal advice, architectural and engineering services.