EUROPEAN UNION ADOPTS SIXTH SANCTIONS PACKAGE AGAINST RUSSIA
Keywords: EU sanctions, 6th package, Russia, Belarus, Oil, Banks, Media, Export, Business services, Sanction list, Oil Boycott
The European Union (EU) adopted on 3th of June 2022 the sixth sanctions package against Russia. The sanctions have been imposed because of the continued Russian aggression against Ukraine. The new sanctions target, among others, oil imports, Russian banks, media companies, the defense and security sector, and responsible persons and entities. Sanctions against Belarus are also being tightened.
The main measures can be listed as follows:
- Oil: There will be a ban in the EU on the purchase, import and transfer of crude oil (within 6 months) and refined oil products (within 8 months) from Russia. There is a temporary exception for EU Member States that, due to their location, are dependent on Russian supplies and have no other viable options.
- Banks: The Russian banks Sberbank, Credit Bank of Moscow and Russian Agricultural Bank and a Belarusian bank Belarusian Bank For Development And Reconstruction are being closed off from the international payment system SWIFT.
- Media: Russian media companies Rossiya RTR/RTR Planeta, Rossiya 24/Russia 24 and TV Center International are no longer allowed to broadcast in the EU, in order to combat propaganda and fake news.
- Export: The export ban is extended to dual-use goods (goods that can also be used for military purposes) and technology that can be used by the Russian and Belarusian defense and security sectors.
- Business services: The provision of a number of business services to Russia, such as accounting, public relations, consultancy and cloud services is prohibited.
- Sanctions List: More Russian and Belarusian individuals and entities are being added to the Sanctions List.
- Oil Boycott Against Russia: This will likely cut Russian oil exports to the EU by 80 to 90 percent this year. EU countries in Central and Eastern Europe will have longer to reduce this dependence.
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