The European Union has announced its next package of sanctions against Russia, following the invasion of Ukraine on February.
This package includes the designation of 15 individuals and 9 entities that operate in the aviation, military and dual use, shipbuilding and machine building sectors.
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The European Union introduced further trade restrictions concerning:
- the import,
- the purchase,
- the transport of iron and steel products
…listed in Annex XVII into the EU, if they have originated in Russia or have been exported from Russia to another country.
Henceforth, there will be a prohibition to provide, directly or indirectly
- technical assistance,
- brokering services,
- financing or financial assistance, including insurance and re-insurance
…related to the prohibitions in Article 3g.
Further trade restrictions include luxury goods, and engaging in any transaction with a legal person, entity or body established in Russia, which is publicly controlled or with over 50% public ownership or in which Russia, its Government or Central Bank has the right to participate in profits or with which Russia, its Government or Central Bank has other substantial economic relationship.
In the meantime, NATO and EU allies continue to make additions to the designated entities lists so all the members can ensure that they carry out careful examination and inspections using the updated lists.
It should be recalled that the economic sanctions targeting Russia continue to evolve and escalate with many being coordinated among the EU, UK, US, and their allies including sanctions against President Putin and the Central Bank of Russia. Standard Club’s experts Mrs. Ursula O’Donnell and Mrs. Gina Venezia provide a summary of some of the recent actions.
On 5 March 2022, the Singapore government imposed sanctions against Russia in response to the ongoing conflict in Ukraine.
Also, International Association of Classification Societies (IACS) voted to expel the Russian Maritime Register of Shipping from their ranks.
EXPLORE MORE AT THE COUNCIL REGULATION (EU)
