EU: 12th package of sanctions against Russia
Additional import and export bans, measures to combat sanctions evasion, and closing of loopholes
Additional import and export bans, measures to combat sanctions evasion, and closing of lo
The European Council has approved a 12th package of sanctions against Russia, which focuses on additional import and export bans, measures to combat sanctions evasion, and closing of loopholes.
According to the EC release (December 18, 2023), the package includes:
- Additional listings: Over 140 new individuals and entities subject to asset freezes, including actors in the Russian military, defense, IT sector, and those involved in illegal activities in Ukraine
- Trade measures: Import bans on Russian diamonds and raw materials for steel production, processed aluminum products and other metal goods; export restrictions on dual-use and advanced technological and industrial goods
- Stricter asset freeze obligations: New listing criteria to include persons who benefit from the forced transfer of ownership or control over Russian subsidiaries of EU companies
- Energy measures: Tightening of the international G7+ oil price cap and new import ban on liquified petroleum gas (LPG)
- Stronger anti-circumvention measures: Broadening of the scope of the transit prohibition through Russia, obligation for operators to prohibit the re-export of certain categories of sensitive goods to Russia, and requirement of notification of certain transfers of funds out of the EU from EU entities owned by Russians or entities in Russia
- Additional measures: Introduction of new derogations to allow for certain actions in the public interest
For more information, contact a professional with KPMG’s Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
| John Anderson Managing Director E: johneanderson@kpmg.com |
Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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