By Nathan Meyer, consultant in compliance, for Eurasia Business News, May 24, 2023
The foreign ministers of the European Union countries have not yet agreed on 11 packages of sanctions against Russia, according to local sources in Brussels.
“There is still no agreement on the latest package of EU sanctions against Russia. This will probably be discussed when the EU ambassadors meet again on Friday” said the source.
There would be too many details that need to be addressed by the EU diplomats.
The European Union is currently working on the 11th package of sanctions against Russia, against which some countries have renewed pressure about the Russian nuclear industry. Later it became known that the European Union does not intend to impose sanctions against the Russian state nuclear company Rosatom.
EU countries plan to help their companies exit the Russian market amid the risk of taxation to finance the war. About 11 more companies and people may be included in the new package of sanctions.
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As part of the draft of the next 11th package of sanctions, the EU for the first time proposed a new mechanism with third countries that are considered to be involved in circumventing sanctions against Russia, helping it import dual-use goods, advanced technologies, and critical components to Russia. Russia’s military sector needs these products to produce the weapons it uses on the battlefield.
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On May 9, in a press statement with Ukrainian President Volodymyr Zelenskyy, President of the European Commission, Ursula von der Leyen, announced further information regarding the EU’s pending 11th package of sanctions against Russia.
In particular, Ursula von der Leyen noted that the 11th package of sanctions will include the following three key elements:
- Transit ban on additional products such as advanced technology products and aircraft parts that are exported to third countries via Russia;
- A new tool to combat sanctions circumvention where, if the Commission recognises that goods are being exported from the EU to Russia via third countries, the Commission can propose to the EU Member States to sanction the export of those goods; and
- A ban on ‘shadow’ entities from Russia and third countries that are deliberately evading EU sanctions.
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