Published by Global Banking and Finance Review
Posted on February 19, 2025
BRUSSELS (Reuters) - EU envoys agreed a 16th package of sanctions on Russia on Wednesday for its full-scale invasion of Ukraine. The package is expected to be adopted by the bloc's foreign ministers on Monday to mark the third anniversary of the war.
European Union diplomats said the package includes restrictions on Russian banks, measures to strengthen the G7 oil price cap, a Russian aluminium import ban and new export bans.
ALUMINIUM
* The package bans imports of primary Russian aluminium. The ban will come into effect one year after the legislation is published in the EU's Official Journal next week.
* During the phase-in period, the EU will be able to import a limited volume of 275,000 tonnes.
OIL AND GAS RESTRICTIONS
* Seventy-three vessels have been added, most of them oil tankers, bringing the total to 152 ships.
* Prohibition on transactions with Russian ports and airports used for the circumvention of the oil price cap and the transfer of drone and missile components.
* A service ban for oil and gas refineries.
* New criteria for future sanctions listings to include owners and operators of the shadow fleet, ship captains as well as support for the military.
VIDEO GAMES
* Countries agreed new restrictions on sales of video game consoles, and other entertainment tools like flight simulators and joysticks, which can be re-purposed as controllers for drones.
* The measure will impact sales of consoles including Microsoft's Xbox, Nintendo's Switch and Sony's PlayStation.
BANKS
* The EU is piling pressure on Russia's regional banks for their role in sanctions circumvention.
* The new package removes access to the global bank messaging network SWIFT for 13 lenders and bans transactions with three Russian banks.
MANUFACTURING
* The package aims to weaken Russia's manufacturing capabilities by introducing export bans on products such as chromium and chemical precursors, which are substances used to produce other chemicals.
* These products are used in CNC machines, which are computer-programmed machines used in manufacturing to cut or drill.
NEW LISTINGS
* Fifty-three new entities will be added to a transaction ban relating to sales of high-priority goods to Russia.
* Forty-eight individuals and 35 entities will be added to the general sanctions list, which includes an asset freeze and travel ban to the EU.
* Broadcasting licenses for eight Russian media outlets will be suspended.
DIAMONDS
* The phase-in period will be extended to September of 2025 from March.
(Reporting by Julia Payne; Editing by Paul Simao)
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