The European Union has adopted its fifteenth package of sanctions in response to Russia’s aggression against Ukraine. According to the Council, the key elements of the package are as follows:
Main Sanctions
- New Additions to the Sanctions List: This package includes 84 new listings, targeting 54 individuals and 30 entities. For the first time, full sanctions (travel bans, asset freezes, and prohibition of economic resources) are imposed on various Chinese actors supplying Russia with drone components and microelectronics.
- Sanctioned Vessels: 52 vessels have been added to the list of those banned from accessing EU ports, as well as a broad range of services related to maritime transport.
- Dual-Use Trade Restrictions: 32 entities will face stricter export restrictions. Some of these entities are based in third countries, including China, India, Iran, Serbia, and the United Arab Emirates.
Measures to Protect European Businesses
- Judicial Protections: The Council prohibits the recognition or enforcement within the EU of judgments issued by Russian courts that prevent the opposing party from initiating or continuing proceedings in jurisdictions outside of Russia.
- Financial Safeguards: An exception has been introduced allowing the release of cash balances held by EU Central Securities Depositories (CSDs).
- Facilitating Disinvestment: Existing derogations permitting EU operators to divest from Russia have been expanded. These extended exceptions are granted on a case-by-case basis by Member States to ensure an orderly disinvestment process that would otherwise not be feasible without such extensions.
For full legal details, refer to the Official Journal of the EU.
