EU: Proposal to extend trade sanctions against Russia for six months
A proposal for a new package of measures to extend trade sanctions against Russia for six months
A proposal for a new package of measures to extend trade sanctions against Russia
The European Commission today adopted a joint proposal for a new package of measures to maintain and strengthen the effectiveness of the EU's six broad-ranging and unprecedented packages of sanctions against Russia.
According to the EC release, this “maintenance and alignment” package:
- Clarifies a number of provisions to strengthen legal certainty for operators and enforcement by EU Member States
- Further aligns the EU's sanctions with those of allies and partners, in particular in the G7
- Reiterates the EC’s position to protect food security around the globe
Today's package will introduce a new import ban on Russian gold, while reinforcing EU dual-use and advanced technology export controls. The package also reiterates that EU sanctions do not target trade in agricultural products between third countries and Russia. The text clarifies the exact scope of some financial and economic sanctions.
Finally, it is proposed to extend the current EU sanctions for six months, until the next review at the end of January 2023.
The package will now be discussed by EU Member States in the Council in view of its adoption.
For more information on sanctions and other responses to Russia’s war on Ukraine, visit KPMG’s dedicated website.
Contact a professional with KPMG’s Trade & Customs services:
John L. McLoughlin
Luis (Lou) Abad
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