EU Imposes First-Ever Sanctions Against Russia’s Dark Fleet Of Oil Tankers

The European Union has released its 14th package of sanctions in a decisive step aimed at increasing pressure on Russia as it continues to target Ukraine aggressively.

This newest series of measures, authorized by the Council, focuses on critical areas of the Russian economy and imposes strict controls to thwart circumvention strategies.

The sanctions package, described as a serious blow to President Vladimir Putin’s administration, demonstrates the EU’s unwavering commitment to Ukraine’s sovereignty and territorial integrity.

Josep Borrell, High Representative for Foreign Affairs and Security Policy, highlighted that these measures are intended to counter Russian efforts to destabilize Ukraine and avoid existing sanctions.

The EU’s sanctions mainly focus on the energy sector.

The EU will prevent the re-loading of Russian liquefied natural gas (LNG) on EU territory bound for third nations, effectively damaging a vital revenue source for Russia.

New investments and services related to major LNG projects, such as Arctic LNG 2 and Murmansk LNG, would also be restricted.

The EU has implemented strict anti-circumvention measures to counteract circumvention strategies.

European parent firms will be required to prohibit their subsidiaries operating outside the EU from engaging in activities that oppose sanctions objectives.

Furthermore, precautions are in place to prevent the re-exportation of battlefield goods and technologies to Russia, including increased due diligence and contractual conditions.

Financially, the EU has prohibited connections to Russia’s System for Transfer of Financial Messages (SPFS) outside of Russia, limiting Russia’s ability to circumvent financial sanctions.

Furthermore, transactions with designated Russian businesses involved in the defense industry through crypto asset providers and financial institutions will be restricted.

In a significant move, vessels supporting Russia’s military actions, including the transfer of military equipment and LNG components, will be barred from entering EU ports.

Measures have also been increased to encompass greater aviation and vehicle transit bans for firms heavily held by Russian interests.

The EU has increased its list of firms facing export restrictions for assisting Russia’s military complex, including those in third-party nations that engage in trade evasion.

New export restrictions involve commodities critical to Russia’s defense and security sectors and increased restrictions on imports from Russia, such as helium.

Measures aimed at protecting EU interests include provisions for compensation claims by EU businesses damaged by Russian sanctions and restrictions on Russian nationals’ registration of intellectual property rights in the EU.

Furthermore, the EU restricts the trading of Ukrainian cultural and historical objects suspected of being illegally taken from Ukraine.

Reference: EU Council

EU Imposes First-Ever Sanctions Against Russia’s Dark Fleet Of Oil Tankers appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News