Friday, September 30, 2022
“Russia should not benefit from European knowledge and expertise.” That is the view of European Commission (“EC”) President Ursula von der Leyen, who recently proposed an eighth package of sanctions against Russia in response to “escalation” in Ukraine.
Among the “biting” new sanctions will be a wider ban on the provision of European services to Russia. The list of banned services has not yet been announced, but there are multiple reports circulating that this may include legal services. Watch this space!
Since Russia’s incursion into Ukraine began in February, European Union (“EU”) sanctions have targeted hundreds of individuals including, among others, Russian President Vladimir Putin, Foreign Minister Sergey Lavrov, other government officials, oligarchs and other “elites” proximate to Putin , senior military officers, and individuals responsible for disinformation. They have also banned the import into the EU of certain Russian goods; banned the export, sale, supply, or transfer of certain EU goods to Russia; forbidden passage through or over EU territory; imposed new depository and transactional limits, capital markets restrictions, sectoral prohibitions; and excluded Russian and Belarusian banks from the SWIFT international payment system.
The latest sanctions package responds to the recent referenda organized in occupied territories of Ukraine, presumably with a view to their annexation, the mobilization of 300,000 additional militarism, and the threatened deployment of nuclear weapons.
“Biting” New Sanctions
The proposed new package includes:
further import bans on Russian products, including fully banning imports of steel and steel products, certain elements used in the jewelry industry such as stones and precious metals, pulp and paper, machinery and appliances, intermediate chemicals, plastics, and cigarettes, that are meant to deprive Moscow of an additional EUR 7 billion euros (USD 6.7 billion) in aggregate revenues;
tires the export to Russia of