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Sunday, February 25, 2024

EU adopts 8th package of sanctions against Russia

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Brussels: The European Union (EU) adopted a new package of sanctions aimed at stepping up and reinforcing restrictive measures against Russia, the Council of the EU said in a statement.

The eighth round of EU sanctions came in response to “the illegal annexation of Ukraine’s Donetsk, Luhansk, Zaporizhzhia and Kherson regions,” the statement said on Thursday.

The new measures incorporate the G7 (Group of Seven) price cap into the existing sanctions on Russian oil, expand the restrictions on services, exports and imports and add further individuals and entities to the sanctions list.

The package introduces the basis for putting in place a price cap related to the maritime transport of Russian oil for third countries and further restricts the maritime transport of crude oil and petroleum products to third countries.

The package also comprises the sanctioning of individuals and entities that have played a role in the organization of “illegal referenda”, representatives of the defense sector and well-known persons spreading disinformation about the Ukraine crisis.

European Commission President Ursula von der Leyen said last week that the package would further restrict trade to “isolate and hit Russia’s economy even more.”

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