EU approves 8th package of anti-Russian sanctions

MOSCOW, Oct 6 (PRIME) -- The E.U. Council has approved the eighth package of its anti-Russian sanctions, including a legal framework for capping the price of seaborne Russian oil, the European Commission said in a statement published on its website on Thursday.

“The Commission welcomes the Council's adoption of an eighth package of hard-hitting sanctions against Russia for its aggression against Ukraine,” the statement read.

The E.U. Council said that the package introduces a legal basis to introduce a price cap on maritime transportation of Russian oil to third countries. Maritime transportation of Russian crude is prohibited starting from December and for oil products starting from February 2023 if their price exceeds the cap.

The E.U. also expanded restrictions on imports and exports of goods, including steel products, wood pulp and paper, chemicals, plastics, cigarettes, cosmetics, and stones and precious metals used in the jewelry industry. The sale, supply, or export of additional goods in the aviation sector will also be restricted.

The sanctions also introduce a ban on servicing of crypto assets of Russians and Russian residents and on provision of IT, engineering, and legal services to the Russian companies. The E.U. citizens are now prohibited from occupying top positions in Russian state-controlled companies. The blacklists of Russian companies and individuals have been expanded through inclusion of entities and people that played a role in organization of referendums in the new Russian territories, the E.U. Council said.

The E.U. also expanded the restrictions previously imposed on the self-proclaimed Donetsk and Lugansk republics to the Kherson and Zaporozhye regions.

Moreover, the eighth package envisions punishments for participants of schemes that bypass the E.U. sanctions.

The legal acts are to be published in the E.U. Official Journal soon.

End