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New sanctions against Russia include oil move

EU leaders have backed an eighth round of sanctions against Russia over its invasion of Ukraine.

The new measures include export restrictions, import bans worth €7 billion, and a further step towards implementing an oil-price cap.

The European Commission has welcomed the package, which it says is a response to Russia's annexation of Ukrainian territory, its mobilisation of additional troops, and the issuing of nuclear threats.

The Ukrainian Bar Association had called this week for further international action in response to the annexations.

Annexed territories targeted

The moves are aimed at curbing Russia’s revenues, and depriving its military of key components and technologies.

Sanctions against individuals and entities have been widened to target “those involved in Russia's occupation, illegal annexation, and sham ‘referenda’ in the occupied territories/oblasts of Donetsk, Luhansk, Kherson, and Zaporizhzhia regions”.

The geographical scope of sanctions has also been extended to the four regions annexed by Russia.

The new export restrictions include the banning of the export of coal, specific electronic components found in Russian weapons, technical items used in the aviation sector, and certain chemicals.

The new import ban covers Russian finished and semi-finished steel products, machinery and appliances, plastics, vehicles, textiles, footwear, leather, ceramics, certain chemical products, and non-gold jewellery.

Services

The package also widens the scope of services that can no longer be provided to the government of Russia or legal persons established in Russia.

These now include IT consultancy, legal advisory, architecture, and engineering services.

The EU will also begin implementing a G7 agreement on Russian oil exports.

An EU ban on importing Russian seaborne crude oil fully remains, but a price cap 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’.

“This will help to further reduce Russia's revenues, while keeping global energy markets stable through continued supplies,” the commission said.