🇪🇺 EU implements 14th Sanctions Package targeting Russia 🇪🇺
Today, 24 June 2024, the Council of the European Union announced the adoption of the European Union’s 14th sanctions package targeting Russia. This latest round of sanctions aims to close loopholes, prevent the circumvention of existing restrictions, and introduce new energy-related measures to further weaken Russian war efforts.
The new sanctions package specifically targets six different sectors and includes new entities added to the EU sanctions list:
🔋 Energy: The package introduces additional measures to curb Russia’s liquefied natural gas (LNG) exports to third countries. It includes restrictions on the handling of Russian LNG by EU ports and operators and further prohibits investments and technological assistance to the Russian LNG sector.
🚫 Anti-circumvention: EU companies must implement measures to ensure that their subsidiaries located in third countries do not engage in activities that EU sanctions seek to prevent. Additionally, companies exporting battlefield goods to third countries must implement due diligence measures to ensure that such components are not re-exported to Russia.
🏦 Finance: The sanctions package bans EU entities from connecting to the SPFS, a Russian equivalent to SWIFT. Furthermore, EU entities are prohibited from engaging with certain third-country entities using SPFS outside Russia.
💰Russian Funding: European political parties and organizations, including NGOs, think tanks, and media service providers, are prohibited from receiving funding from the Russian state and its proxies.
🚛 Transport: Certain specified vessels will be subject to sanctions preventing them from accessing ports and services in the European Union. Additionally, the existing EU flight ban is expanded, alongside the prohibition on the transport of goods by road.
➡ Import and export restrictions: New entities are added to the list of those subject to tighter restrictions on the export of dual-use goods. New goods considered capable of enhancing Russia’s defense and security sector are included, and new sanctions on goods that contribute to the enhancement of Russian industrial capabilities are introduced.
The introduction of the 14th sanctions package is a reminder that sanctions in light of the Russian invasion of Ukraine are still prevalent and expanding. EU entities should be diligent in observing these changes and implementing proper compliance measures.
📫 If you have any questions or require additional information, please contact Moalem Weitemeyer’s Partner Pernille Nørkær, Senior Associate Jeanette Kjeldgaard Rasmussen, or Associate Henrik Ringgaard Diget.
#weevaluate #eulaw #politicalsanctions
🔗 1. https://atomico.com/insights/our-investment-in-light-the-first-ai-powered-general-ledger-for-global-company-finances and 2. https://light.inc/Light-announces-$13-million-funding