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The EU agreed on Wednesday to issue their eleventh sanctions package against Russia for continuing the war in Ukraine. The new package aims to prevent countries and companies from circumventing sanctions already in effect. President of the European Commission Ursula von der Leyen welcomed the agreement and assured that the agreement will render the sanctions more effective.
The new package of sanctions involves three main elements.
The first is to expand the transit ban to prevent Russia from obtaining critical components of tech products and aircraft parts through exports to third-world countries via Russia.
Second, the package aims to review and ban goods exporting from the EU. In drafting the sanctions, the EU observed that the goods exported to third-world countries from the EU often ended up in Russia. Thus, the EU believes that the increasing flow of exports between the EU and third-world countries was contributing to Russia’s circumvention of economic sanctions.
Third, the package targets Russian shadow entities that participated in helping Russia from circumventing sanctions. According to Politico, the leaked version of the text involves a statement that emphasizes the importance of ensuring that third-world countries will comply with the EU sanctions. Even though there is no major amendments in the latest proposal, the list of EU companies that are involved in sponsoring Russia has caused Greece and Hungary to bristle.
The European Commission adopted the sanctions package back in May. Wednesday’s agreement from the EU ambassadors stems from Coreper II, the committee responsible for the preparatory work for the Council of the EU. Following the agreement in the Coreper, the Council of the EU will adopt the sanction package under Article 29 of the Treaty of the European Union. After the adoption, the Council of the EU shall work with the Union for Foreign Affairs and Security Policy and the European Commission to carry out necessary measures under Article 215 of Treaty on the Functioning of the European Union.
The EU first launched its sanction regime against Russia in February 2022, shortly after Russia’s invasion of Ukraine. The sanctions involve mainly economic sanctions, including banning trades of arms, advanced tech products and financial assistance to Russia. The EU has also banned the import of goods from Russia to reduce its revenue. As of May, the EU has sanctioned nearly 1500 individuals and over 200 entities, amounting to EUR 24 billion in frozen assets. The sanctions also cover 70 percent of the Russian banking system’s assets and 90 percent of EU oil imports.
The post EU approves 11th sanctions package against Russia appeared first on JURIST - News.
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The new package of sanctions involves three main elements.
The first is to expand the transit ban to prevent Russia from obtaining critical components of tech products and aircraft parts through exports to third-world countries via Russia.
Second, the package aims to review and ban goods exporting from the EU. In drafting the sanctions, the EU observed that the goods exported to third-world countries from the EU often ended up in Russia. Thus, the EU believes that the increasing flow of exports between the EU and third-world countries was contributing to Russia’s circumvention of economic sanctions.
Third, the package targets Russian shadow entities that participated in helping Russia from circumventing sanctions. According to Politico, the leaked version of the text involves a statement that emphasizes the importance of ensuring that third-world countries will comply with the EU sanctions. Even though there is no major amendments in the latest proposal, the list of EU companies that are involved in sponsoring Russia has caused Greece and Hungary to bristle.
The European Commission adopted the sanctions package back in May. Wednesday’s agreement from the EU ambassadors stems from Coreper II, the committee responsible for the preparatory work for the Council of the EU. Following the agreement in the Coreper, the Council of the EU will adopt the sanction package under Article 29 of the Treaty of the European Union. After the adoption, the Council of the EU shall work with the Union for Foreign Affairs and Security Policy and the European Commission to carry out necessary measures under Article 215 of Treaty on the Functioning of the European Union.
The EU first launched its sanction regime against Russia in February 2022, shortly after Russia’s invasion of Ukraine. The sanctions involve mainly economic sanctions, including banning trades of arms, advanced tech products and financial assistance to Russia. The EU has also banned the import of goods from Russia to reduce its revenue. As of May, the EU has sanctioned nearly 1500 individuals and over 200 entities, amounting to EUR 24 billion in frozen assets. The sanctions also cover 70 percent of the Russian banking system’s assets and 90 percent of EU oil imports.
The post EU approves 11th sanctions package against Russia appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.