7.7 C
Thursday, December 7, 2023

12th sanctions package – project of the European Commission

Must read

- Advertisement -

Brussels presented the draft of the 12th sanctions package to the Council of the European Union (member states), the European External Action Service (EEAS) reported. The project is intended to include entities from the Russian military, defense and IT sectors, as well as other economic entities, on the sanctions lists. The list also includes a ban on the import of diamonds and LPG.

“The High Representative proposes to impose sanctions on… over 120 additional individuals and entities for their role in undermining Ukraine’s sovereignty and territorial integrity. The High Representative, together with the Commission, also proposes the adoption of new import and export bans, as well as actions aimed at tightening the operation of the price cap on crude oil and preventing the circumvention of EU sanctions,” we read in a press release published by EEAS.

Draft 12th sanctions package

“The proposed measures target those who orchestrated the recent illegal so-called ‘elections’ in Ukrainian territories temporarily occupied by Russia, those responsible for the forced ‘re-education’ of Ukrainian children, and entities spreading disinformation and propaganda in support of Russia’s war of aggression against Ukraine. The proposals are aimed at aimed at overall strengthening of the sanctions framework,” it added.

- Advertisement -

According to unofficial information previously reported by PAP, the draft of the 12th sanctions package includes, in addition to ban on the import of diamonds and LPGmore accurate implementation price ceiling for crude oilexpanding the list of products that contribute to military and technological strengthening Russia. The new package will also include a ban on the provision of services for the provision of business management software and industrial design and production software; a ban on the transit through Russia of certain goods and technologies that could contribute to increasing Russia’s industrial capabilities.

Another package of sanctions

Agreement on the final package is expected to take weeks because it will require the unanimous support of all 27 EU member states, Reuters reported.

The agency added, citing EU diplomatic sources, that the proposal includes ban on direct import of diamonds from Russia from January 1, 2024 and the implementation from March of a traceability mechanism that would prevent the import of Russian gemstones processed in third countries. The traceability mechanism is to be coordinated with G7 countries, including the United States, CanadaGreat Britain and Japan.

To tighten implementation of the G7’s oil price cap of $60 per barrel of oil, the proposal calls on shipping companies to itemize shipping and insurance costs for the cargoes of Russian crude they transport. According to shipping analysts, the price cap is now widely bypassed by the Russian tanker fleet. To prevent Russia from further expanding its shadow fleet, European Commission proposed controls on the export of tankers, old and new, to Russia. It was unclear whether major shipping countries such as Greece or Cyprus will agree to this, Reuters pointed out.

The European Commission said in a statement that the package will include new import and export bans, actions aimed at tightening the oil price cap and preventing the circumvention of EU sanctions, and will be aimed at entities from the Russian military, defense and IT sectors, as well as other important economic entities.

Main photo source: Shutterstock

Source link

More articles

- Advertisement -

Latest article