June 20, 2024
2 mins read

EU Agrees on New Russia Sanctions

The EU punitive measures are intended, in particular, to prevent Russia from obtaining Western technology…reports Asian Lite News

EU member states have agreed to a new package of sanctions on Russia, aimed largely at cracking down on loopholes that circumvent existing measures, the Belgian EU presidency announced on Thursday.

“This package provides new targeted measures and maximises the impact of existing sanctions by closing loopholes,” the Belgian presidency posted on X.

Since the full-scale Russian invasion of Ukraine, the European Union has targeted the Russian economy, institutions, and officials linked to the war with multiple rounds of sanctions.

As the invasion drags on, Russia has worked hard to circumvent the punitive measures, to secure more resources for their military and to keep their economy running.

At the same time, the EU and other Western countries, including the US, are concerned loopholes in the sanctions undermine compliance from companies doing business with Russia.

The EU punitive measures are intended, in particular, to prevent Russia from obtaining Western technology that the defence industry can use to manufacture weapons for the war in Ukraine.

Approval of the latest – 14th – sanctions package was delayed by several days, as diplomats in Brussels cited German concerns over business regulation as the main reason why negotiations took so long to finalise.

German Chancellor Olaf Scholz acknowledged at the weekend that Berlin was concerned such sanctions could potentially penalise Germany’s export-oriented firms.

EU countries pushing for decisive action on sanctions evasion, however, pointed to European Commission estimates that products worth millions of euros were still being delivered to Russia via subsidiaries of European companies, despite sanctions in place to stop this.

EU diplomats said a compromise was eventually reached, allowing measures halting exports to Russia to not apply to subsidiaries for the time being.

This so-called “No-Russia” clause requires EU companies to contractually prohibit the re-export of certain categories of sensitive goods to Russia, including goods related to aviation, jet fuel, and firearms.

EU foreign ministers meeting on Monday must formally adopt the sanctions for them to take effect.

EU diplomats said the latest package also contains plans to target Russia’s multi-billion dollar liquefied natural gas (LNG) sector for the first time.

Ports such as Zeebrugge in Belgium are to be banned from being used to ship Russian LNG to countries outside of the EU, according to diplomats.

Belgium chaired the negotiations on the new round of sanctions as the current holder of the rotating EU presidency.

ALSO READ: UN readies for Yoga Day

Previous Story

Indian Embassy Kicks Off Yoga Day with DC Session

Next Story

Bhutan Gets $40M Loan from ADB

Latest from -Top News

India to Pakistan: The Choice Is Yours

Foreign Secretary Misri Labels Pakistan the Epicentre of Global Terrorism, Citing Repeated Offenses…reports Asian Lite News India issued a warning to Pakistan on Thursday, stating that any further escalation would be met

US-UK Deal Breaks Tariff Silence

President Trump Teases US-UK Trade Deal on Truth Social Before Oval Office Announcement with UK’s PM Keir Starmer…reports Asian Lite News The United States and the United Kingdom announced a trade deal

India Thwarts Pak Attacks, Hits Lahore Air Defence

India launches pre-dawn precision strikes on Pakistani air defence systems, with key radar installation in Lahore successfully neutralized, signalling a sharp escalation in regional military tensions…reports Asian Lite News The drones and

Perdue sworn in as US envoy to China 

David Perdue, a ‘hawkish’ figure in US politics, served as a Senator from 2015 to 2021, where he gained a reputation for his firm stance on China.  David Perdue, the former US
Go toTop

Don't Miss

Europe shifts back to coal

This represents a “U-turn” from Europe’s efforts in recent years

UAE sends 30-tonne emergency aid to Ukraine

The United Arab Emirates today sent an aircraft carrying 30