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  • Writer's pictureOlga Nesterova

EU Adopts 14th Sanctions Package Against Russia Amid Ongoing Conflict with Ukraine

BRUSSELS: In response to Russia's persistent aggression against Ukraine, the European Union has reinforced its stance with the adoption of its 14th package of sanctions. This comprehensive set of measures, approved by the Council, aims to further curtail Russia's capacity to fund and perpetuate its military actions.

The latest sanctions focus on several key areas. Notably, they include stringent measures targeting Russia's energy sector, specifically liquefied natural gas (LNG). These measures encompass a ban on future investments in Russian LNG projects and restrict the use of EU ports for transshipment of Russian LNG. Additionally, the package introduces sanctions against specific vessels involved in supporting Russia's military efforts, marking the first time such targeted measures have been implemented.

Furthermore, the EU has expanded its list of individuals and entities subject to asset freezes and travel bans, now totaling 116 additional listings. This step underscores the EU's commitment to penalizing those responsible for undermining Ukraine's sovereignty.

Financially, the sanctions package imposes new restrictions on EU banks, prohibiting their use of the Russian financial messaging system SPFS (comparable to SWIFT). This move aims to sever financial ties that could support Russia's defense industries. Moreover, transactions with banks and crypto asset providers facilitating transactions for Russia's defense sector are also banned.

To prevent circumvention of sanctions, the EU has bolstered compliance measures within the private sector and empowered national authorities to enforce sanctions rigorously. Additionally, steps have been taken to protect EU operators from risks such as expropriation and intellectual property theft perpetrated by the Russian state.

The package also addresses concerns beyond economic sanctions. It includes measures to safeguard democratic processes by prohibiting political funding from the Russian state to EU political parties. Transport restrictions have been tightened as well, extending to flight bans and road transport prohibitions.

In conclusion, the EU's latest sanctions package reflects its unwavering support for Ukraine and its determination to compel Russia to cease its hostile actions. By targeting critical sectors and enhancing enforcement measures, the EU aims to diminish Russia's ability to sustain its military campaign against Ukraine, sending a resolute message of solidarity and support to Ukraine and its people.

This robust response underscores the EU's commitment to upholding international law and defending the sovereignty of its member states and neighboring countries in the face of aggression.

For further updates and developments, the European Commission and Council will continue to monitor the situation closely, prepared to adapt sanctions as necessary in response to evolving circumstances.

Source: EU Commission, June 24, 2024


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