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The eighth package of EU sanctions to the Russian Federation

We would like to inform you that on Thursday, 6th October 2022, the Council of the European Union adopted the eighth package of sanctions against Russia.

The eighth package of EU sanctions to the Russian Federation

Among the various novelties emerging from the new sanctions package, we would like to point out the following:

PRICE CAP

A ban has been applied on the transportation by sea of crude oil and petroleum products exported from Russia, however, transportation is permitted if such products are purchased at a price equal to or below the price limit set by the Council of the European Union ("Price Cap").

RESTRICTIONS ON GOODS

Amending EU Regulation No. 833/2014, the Council by Regulation No. 1904/2022 has:

  • updated the list of goods in Annex VII. Thus, the export of new items such as weapons and devices intended for riot control or self-defense, as well as weapons and materials used for the dissemination of chemicals or related substances is prohibited;
  • extended the list of steel products subject to the import ban in Annex XVII (by including rolled steel sheets, coated metal sheets and tinplate products);
  • significantly amended Annex XI (goods suitable for use in aviation and aerospace) and Annex XXI (containing products such as aluminum sheet and strip, wood and articles of wood, and unwrought or semi-finished silver).

LIMITATIONS ON INDIVIDUALS AND ENTITIES

In the amendment to Annex I of EU Regulation No. 269/2014, the Council by Regulations No. 1905/2022 and No. 1906/2022 designated 7 new entities and 30 new individuals subject to restrictive measures.

In order to export goods and products in compliance with the EU regulations as last amended, we remind you that it is not sufficient to merely consult the Annexes referred to in the European regulations or other black lists, but it is necessary to perform a circumscribed and specific due diligence activity, both objective and subjective.