EU Tightens 21st Sanctions Package Against Russia
The European Union has announced its latest sanctions package against Russia, aimed at further restricting Russian banks, ships of the shadow fleet, and companies that help circumvent international sanctions.
According to Dutch lawyer Helen Over de Linden, an expert on sanctions against Russia, the new package is significant in terms of additional banks and ships added to the sanctions list, as well as new restrictions on companies and goods. However, the issue of Russian fish remains problematic, as these items were not included in the sanctions.
Key Provisions of the Sanctions Package
The 21st package of sanctions includes a significant number of Russian banks that are no longer allowed to do business with European companies. Additionally, ships that transport Russian oil at a price above the EU price cap have been added to the sanctions list. The package also provides new export-import restrictions on certain goods and services.
Targeted Sanctions: A Shift in Approach?
Over de Linden notes that the EU is discussing the idea of adopting narrower sanction packages in the future, focusing only on specific sectors or companies rather than large-scale packages. This approach could make it easier to reach consensus among all 27 member states, as EU sanctions are adopted unanimously.
Impact of Sanctions: A Significant Blow
Despite concerns that sanctions have no effect, Over de Linden emphasizes that they do have a significant impact. The expert highlights the importance of dual-use goods and the freezing of Russian oligarchs’ funds in the EU, which amount to over 200 billion euros. She notes that while it is impossible to completely destroy the Russian economy due to its scale and natural resources, sanctions are an important tool in increasing pressure on the aggressor and reducing the ability to bypass restrictions.
The EU’s continued application of targeted measures and its commitment to increasing economic pressure on Russia demonstrate a determination to hold the country accountable for its actions. As the situation continues to evolve, it remains to be seen how effective these sanctions will be in achieving their intended goals.
Original Article: EU tightens 21st sanctions on Russia, adds banks and shadow fleet — Mezha