Exploring Key Components Of The EU's 12th Russian Sanctions Package

On December 19, 2023, the European Union (EU) finally reached an agreement on its long-delayed 12th Russian sanctions package. The intention is to impose additional import and export bans in Russia, combat sanctions circumvention, and close existing loopholes. This comprehensive package involves the additional listing of Russian individuals and companies, along with new import and export bans, in close cooperation with other G7 members, including the United States (US) and the United Kingdom (UK).

The new measures can be summarised in six different groups.

Additional listings

The EU has expanded its list of individuals and entities under asset freezes, now encompassing more than 140 individuals and entities. This extension includes figures from the Russian military, defense, military industry companies, Private Military Companies, actors in the IT sector, and other significant economic entities.