Sanctions on Russia are tightening: now we’re dealing with the activities of Putin’s shadow fleet

Brussels

On Monday, the Council of EU Member States approved the 14th round of economic sanctions against Russia.

The package focuses on preventing sanctions evasion, making Russian shadow fleet operations more difficult, and Russian LNG investments more difficult.

The European Union has approved a move to name shadow vessels participating in the Russian war. They are prohibited from entering the port and cannot provide services.

A shadow fleet refers to ships whose ownership ties are hidden to avoid sanctions. For example, they participate in transporting oil under sanctions.

A total of 27 ships are named in this set of sanctions. The actual size of the Russian shadow fleet is probably many times higher, so more ships will be named in the future.

Shades can be named for various reasons. Reasons for ending up on the sanctions list include, for example, supporting the transport of military supplies to Russia, transporting stolen Ukrainian grain, or supporting the development of Russia’s energy sector.

For example, this could mean transportation of LNG components or transshipment of LNG.

The measure also targets tankers that follow unfair shipping practices, bypassing the upper limits set by the EU and G7 price ceiling alliance.

EU countries have decided to add 69 new individuals and 47 new companies to the sanctions list. This means financial freeze and travel ban.

The detailed content of the sanctions package will be specified only after the results are published in the Official Journal of the European Union.

Energy income in the area

In future, the EU will ban all investments in LNG projects in Russia. Accessories should also not be taken to them.

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The Union also bans the import of Russian liquefied natural gas to certain terminals not connected to the EU’s gas pipeline network. The ban has a nine-month transition period.

A state-owned company in Finland cash Ukraine has continued to import LNG from Russia throughout the war. The company has explained its operations with contractual obligations. It has a long term contract of Gazprom Export with.

Gaupalethi assesses By the end of the year, the annual value of the contract was around 250 million euros.

The goal of the Finnish government is to ban Russian LNG imports to Finland over the next year.

Add dual-use products to the prohibited list

The new sanctions prevent EU banks from using the payments network SPFS, the Russian equivalent of the SWIFT system used in the West.

The sanctions package restricts the export of nine new dual-use products and advanced technology products to Russia.

A dual-use product is a product suitable not only for civilian use but also for military purposes.

Export products banned in the future include microwave and air amplifiers, flight data recorders and all-terrain vehicles.

In addition, manganese ore exports to Russia and helium imports from Russia are now banned.

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