EU Proposes New Sanctions Against Russia

The 18^th package of sanctions would particularly target the banking and energy sectors.

Key measures proposed in the package include:

➡️ A ban on all Nord Stream 1 and 2 transactions;

➡️ The reduction of the oil price cap from 60 to 45 dollars per barrel;

➡️ The sanctioning of an additional 77 vessels to support the enforcement of the cap;

➡️ A ban on the importation of refined products based on Russian crude oil;

➡️ The introduction of a full transaction ban over the existing SWIFT system prohibition;

➡️ The expansion of the ban to more Russian institutions and foreign organisations facilitating the circumvention of sanctions; and

➡️ An expansion of the export ban totalling more than €2.5b.

✅ Firms operating in the EU should review their sanctions list management systems and processes to ensure updates are promptly and seamlessly integrated into their control frameworks.