The European Union agreed on the eighth package of sanctions against Russia on October 6, 2022. This sanctions package is a response to Russia’s ongoing escalation and unprovoked war against Ukraine, including the illegal annexation of Ukrainian territories, pseudo-referendums, mobilization in Russia, and open nuclear threats.
Source: The European Commission
“This package introduces new EU import bans worth €7 billion to curb Russia’s revenues, as well as export restrictions, which will further deprive the Kremlin’s military and industrial complex of key components and technologies and Russia’s economy of European services and expertise. The sanctions also deprive the Russian army and its suppliers from further specific goods and equipment needed to wage its war on Ukrainian territory. The package also lays the basis for the required legal framework to implement the oil price cap envisaged by the G7.”
Sanctions were additionally applied to individuals and legal entities that are involved in the Russian occupation, illegal annexation and pseudo “referendums” in the occupied territories of Donetsk, Luhansk, Kherson and Zaporizhzhia regions.
“It also includes individuals and entities working in the defense sector, such as high-ranking and military officials, as well as companies supporting the Russian armed forces.”
The restrictions were extended geographically to include all territories in Ukraine that are temporarily occupied by Russia, in particular, the Donetsk and Luhansk regions, Zaporizhzhya and Kherson regions.
Russia was also restricted from exporting certain products to limit its access to industrial, military and technological products, including its ability to develop its defense sector and security sector.
“This includes the banning of the export of coal, including coking coal (which is used in Russian industrial plants), specific electronic components (found in Russian weapons), technical items used in the aviation sector, as well as certain chemicals.”
In addition, the EU agreed to additional restrictions on imports worth almost 7 billion euros.
This sanctions package marks the start of the implementation of the G7 deal on Russian oil exports within the EU.
“While the EU’s ban on importing Russian seaborne crude oil fully remains, the price cap, once implemented, would allow European operators to undertake and support the transport of Russian oil to third countries, provided its price remains under a pre-set “cap”.”
In addition, the 8th package of sanctions also prohibits EU citizens from holding management positions in certain state-owned companies. It also prohibits transactions with the Russian Maritime Registry.
The package expands the range of services that can no longer be provided to the Russian government or legal entities established in Russia.
“These now include IT consultancy, legal advisory, architecture and engineering services. These are significant as they will potentially weaken Russia’s industrial capacity because it is highly dependent on importing these services.”
The EU also implemented a new listing criterion, which will allow to apply sanctions to individuals who facilitate violations of the ban on circumventing sanctions.
See also: EU countries reached an agreement on the 8th package of sanctions against Russia
