The EU approved sanctions for the annexation of the occupied regions of Ukraine

The EU approved sanctions for the annexation of the occupied regions of Ukraine

The European Union approved the eighth package of sanctions against Russia, including a ceiling on the price of oil it sells. Restrictive measures will also affect steel products, electronics, chemicals, aircraft parts, IT, engineering and legal services.

Diamonds, the ban on the purchase of which was proposed to be introduced at the beginning, did not fall under the restrictions.

“I welcome today’s agreement of the EU member states on the 8th package of sanctions. We acted quickly and decisively,” European Commission President Ursula von der Leyen tweeted. – We will never recognize either Putin’s fictitious referendums or the annexation of [территорий] in Ukraine”.

As the Czech Republic, which currently holds the EU presidency, said in a tweet, the sanctions would ban offshore deliveries of Russian oil to third countries at a price above the agreed price (the so-called ceiling). Previously, the EU banned the provision of financial and insurance services for such operations, now transport services have been added to them. These bans will come into effect on December 5, when the European embargo is due to take effect.

The rest of the sanctions should take effect on Thursday. writes Bloomberg.

The calculation of the ceiling for the price of Russian oil is carried out by the G7 countries. Officials, informed of the discussions on this matter, said Financial Times that specific details of the scheme are not included in the eighth package of EU sanctions. These details will again require the unanimous approval of the EU countries when the G7 makes a final decision.

When implementing it, the EU will also take into account the effectiveness of the ceiling, international reactions and the consequences for their own economies, the officials explained.

According to Politico, the EU may start cracking down on tankers that change flags to circumvent sanctions. This will be done at the insistence of Greece, Cyprus and Malta, whose ships were actively transporting Russian oil; these countries fear that their navies will be at a disadvantage.

The sanctions did not include a ban on the purchase of diamonds from Alrosa. Earlier, Belgium, where one of the world’s largest centers for working with precious stones, spoke out against.

“Process [переговоров] was difficult and we had to agree to some exceptions, including for these infamous diamonds,” Andrzej Sadosz, Poland’s ambassador to the EU, told reporters.

Sanctions will also be introduced against organizations and individuals in Russia, including military leaders and people involved in holding referendums in the occupied territories of Ukraine.

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