EU Adopts Another Package of Sanctions Against Russia

The European Union has adopted its 15th package of sanctions, blacklisting 84 individuals and entities, including 54 persons and 30 organizations from Russia, China, and North Korea.

The list also includes tankers carrying Russian oil, as well as companies that allegedly supply goods of dual use, the EU Council said in a statement, The Caspian Post reports.

Additionally, 52 vessels from third countries carrying Russian oil have been added to the list, subject to a port access ban and restrictions on a wide range of maritime transport services.

The Council also added 32 new entities to the list of those directly supporting Russia’s military and industrial complex in its war against Ukraine.

"They will be subject to tighter export restrictions concerning dual use goods and technologies, as well as goods and technology which might contribute to the technological enhancement of Russia’s defence and security sector. Some of these entities are located in third countries (China, India, Iran, Serbia and the United Arab Emirates) and have been involved in the circumvention of trade restrictions or have engaged in the procurement of sensitive items used for Russian military operations, like UAVs and missiles," the statement said.

In order to better protect European companies from litigations with Russian counterparts, the Council decided to prohibit the recognition or enforcement in the EU of those rulings issued by Russian courts based on Article 248 of the Arbitration Procedure Code of the Russian Federation.

Furthermore, the Council introduced a derogation allowing the release of cash balances held by EU central securities depositories (CSDs). This is necessary in light of increasing litigation and retaliatory measures in Russia that result in the seizing of assets of CSDs in the EU. Thanks to this derogation CSDs will be able to request competent authorities of the Member States to unfreeze cash balances and use them to meet their legal obligations with their clients.

Lastly, the EU extended the deadlines applicable to certain derogations needed for divestments from Russia. Because of the risks of maintaining business activities in Russia, EU operators should consider winding down businesses in Russia and/or not to start new businesses there. The exceptional extension of the divestment derogations is necessary to enable EU operators to exit as swiftly as possible from the Russian market. The extended derogations are granted on a case-by-case-basis by member states and focused on allowing an orderly divestment process, which would not be possible without the extension of these deadlines.