EU Sanctions Package Against Russia Officially Adopted

24 June 2024: the 14th sanctions package against Russia announced by the EU on 20 June 2024 has been officially adopted (see earlier news item). The regulations also include legislation on EU parent companies of non-EU based subsidiaries; the EU parent must ensure ("best effort") their subsidiaries in third countries do not engage in activities that circumvent sanctions. Key measures include tighter restrictions on Russian oil exports, further limiting the country's ability to finance its military operations. The package also expands the list of sanctioned individuals list of those supporting Russia's military, facing tighter export restrictions, adding 61 new entities including entities in China, Kazakhstan, Kyrgyzstan, Turkey, and UAE. New trade bans on technology, machinery, and luxury goods are introduced to curtail Russia's access to critical resources and economic benefits. Additionally, the sanctions enhance existing financial restrictions, prohibiting European investment in Russian energy projects and freezing assets of Russian financial institutions.

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