EU leaders agree on enacting fresh penalties against Russia
Due to the ongoing hostile actions by Russia against Ukraine, the European Union is introducing fresh penalties. The Foreign Ministers of the 27 EU member states have officially approved the 14th set of actions.
This set targets making it more challenging to sidestep existing sanctions. By flouting the existing guidelines, Russia cankeep utilizing western technology in its military sector to manufacture weapons for the war against Ukraine.
This set also incorporates stiff EU restrictions on Russia's billion-dollar businesses involving Liquefied Natural Gas (LNG) for the initial time. It is now prohibited for ports such as the one in Zeebrugge, Belgium, to be used for shipping Russian LNG to other countries. Ideally, this would result in Russia selling less LNG and having less funds for its war efforts due to insufficient transportation capabilities.
Moreover, sanctions against numerous other companies are also part of the new set, accused of aiding Russia's military and technological enhancement or the development of its defense and security sectors. They will no longer be able to sell militarily usable goods and technologies from the EU. Some of these companies have their headquarters in third countries such as China, Kazakhstan, Kyrgyzstan, Turkey, and the United Arab Emirates.
An accord on the new sanctions package was reached among EU representatives in Brussels after rigorous negotiations last Thursday. The German government intervened on behalf of the German economy, resulting in the softening of plans for stricter measures against sanctions avoidance. Companies had voiced concerns over excessive administrative burden and potential sales losses.
