EU approves eighth package of sanctions against Russia


October 6, Fineko/ Today, the European Union has endorsed the 8th package of sanctions against Russia.

ABC.AZ reports that as part of the 8th package, the EU has created a legal framework for the introduction of a "ceiling" on oil prices from the Russian Federation.

"The Council decided today to introduce a new package of economic and individual sanctions against Russia," the EU Council’s press release says.

The document notes that the EU, in particular, introduces a legal framework for implementation of "ceiling" of prices for the sea transportation of Russian oil to third countries, as well as other restrictions on the sea transportation of crude oil and petroleum products to third countries.

"It will be prohibited to provide sea transport and technical assistance, brokerage services, as well as financial assistance related to the transportation of crude oil or petroleum products to third countries," the press release says.

At that, the ban on services related to transportation of crude oil from Russia to third countries comes into force from December 2022, and with transportation of Russian petroleum products to third countries from February 2023.

The new sanctions also include a ban on EU citizens from holding senior positions in some Russian state-owned companies.

"The package of sanctions agreed today also envisages a ban on EU citizens from holding any positions in the governing bodies of some Russian state-owned or state-controlled legal entities and organizations," the document stresses.

The sanctions also provide for a ban on working with all cryptocurrency assets associated with citizens and residents of Russia, regardless of the size of these assets.