On 24 June 2024, the EU Council adopted another package of sanctions with restrictive measures against the Russian economy and individuals. The aim continues to be the concrete weakening of Russia’s economic power and its ability to wage war. Previous sanctions have already led to a 60 per cent drop in EU exports to Russia in the period between 2021 and 2023. The following sectors are affected:

 Energy

  • Ban on reloading Russian liquefied natural gas (LNG) in EU ports for the purpose of transshipment to third countries
  • Import restrictions for Russian LNG to terminals that are not connected to the EU gas pipeline network
  • Ban on the provision of goods, technologies and services for LNG plants being built in Russia

 

Transport

  • Ban on access to ports and services for ships on the sanctions list (currently 27 ships)
  • Tightening of the previous ban for transport of goods by road in the EU
  • Aviation: ban on occasional flights by Russian persons who determine the place of departure and destination; obligation to provide information on occasional flights

 

Finance

  • Ban on EU banks operating outside Russia from using the Russian System for the Transmission of Financial Messages (SPFS)
  • Ban on transactions by EU economic operators with banks from third countries that use SPFS
  • Ban on transactions with certain banks and providers of crypto assets from Russia and third countries that enable transactions for the procurement of Russian military equipment

 

Imports

  • ban on helium from Russia
  • Exemptions for the import of Russian diamonds
  • Extension of the list of goods/machinery of common high priority (CHP list)

 

Exports

  • Tightening of the export restrictions on dual-use goods (including quads, microwave and antenna amplifiers, digital flight data recorders)
  • Extension of the current export bans on industrial goods in four sectors (chemicals, plastics, vehicle parts, machinery)
  • Extension of the list of organizations cooperating with the Russian military-industrial complex; Export restrictions for 61 additional companies from Russia and third countries

 

 

Source: EU Commission, Council of the EU, EUR-Lex