EU accepted the 12th sanction package against Russia

The EU Council announced the approval of the 12th sanction package against Russia, which includes the ban on diamond imports.

This ban encompasses diamonds originating from Russia, those exported from Russia, diamonds transiting through Russia, and diamonds processed in third countries.

The ban on non-industrial natural and synthetic diamonds, as well as diamond jewelry, will come into effect starting from January 1st.

Indirect import bans on diamonds processed in third countries, including jewelry containing diamonds of Russian origin, will be gradually implemented starting from March 1st, 2024, and will be completed by September 1st, 2024.

AB companies will be entering into contracts that contain clauses preventing the re-export of sensitive products and technologies, particularly to Russia, especially items used in Russian military systems or critical for their production. This coverage will also include aviation products alongside the prohibited items used or critical for the production of Russian military systems.

Furthermore, the EU sanction list will include 29 new entities directly supporting Russia’s military and industrial complex. These entities will face stricter export restrictions concerning goods and technologies that could contribute to the technological advancement of Russia’s defense and security sector.

Chemicals, lithium batteries, thermostats, DC motors for unmanned aerial vehicles, and servomotors will also be added to the list of restricted products that could contribute to the technological advancement of Russia’s defense and security sector.

An import ban will be imposed on products, including pig iron, high-manganese pig iron, copper, aluminum wires, tubes, and pipes, worth an annual 2.2 billion euros, which significantly contribute to Russia’s revenue.

A 12-month transition period will be followed by an import ban on liquefied petroleum gas (LPG).

The existing transit ban on dual-use goods and technologies exported from the EU through Russian territories to third countries will be expanded to include all items for military use.

To prevent circumvention of sanctions, Russian citizens will be prohibited from holding any position in the management bodies of institutions providing crypto asset wallets, accounts, or custody services to Russian individuals.

Any organization based in the EU owned by a Russian citizen will be required to notify authorities before transferring funds outside the EU.

Stricter compliance rules will be introduced to support the implementation of the ceiling price for oil and prevent its evasion.

A mechanism for information sharing will prevent deceptive practices such as ship-to-ship transfers or hiding the origin or destination of cargo carrying Russian crude oil and petroleum products.

New measures will enhance transparency in tanker sales and exports, introducing notification requirements for the sale of tankers to any third country, especially to avoid import bans on Russian petroleum products.

EU Commission President Ursula von der Leyen expressed her satisfaction with the agreement on the 12th sanction package through a post on the X platform.

Von der Leyen reiterated the EU’s continued support for Ukraine and emphasized the strict measures taken to prevent the circumvention of sanctions, mentioning the intention to apply sanctions to more products, including diamonds.

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