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EU Passes New Sanctions Against Russia, Loosening Food, Oil Export Ban

INTERNATIONAL: The European Union (EU) approved the "maintenance and alignment" package of sanctions against Russia, allowing exports of agricultural products and oil to third countries, the European Council announced on Thursday.

The restrictive measures include a ban on importing Russian gold -- the country's biggest non-energy export -- and jewelry. The European Council decided to list additional individuals and entities and freeze the assets in Sberbank of Russia, the country's largest bank.

The package extends the list of controlled items, which may contribute to Russia's military and technological enhancement or the development of its defense and security sector, thereby reinforcing export controls on dual use and advanced technology.

On the other hand, the EU decided to extend its exemption from the prohibition to engage in transactions with certain state-owned entities regarding transactions for agricultural products and the transport of oil to third countries.

The EU is committed to avoiding all measures which might lead to food insecurity around the globe, the European Council stressed.

None of the measures adopted Thursday or earlier target in any way the trade in agricultural and food products, including wheat and fertilizers, between third countries and Russia.

Technical assistance to Russia for aviation goods and technology will be allowed, and the prohibition to enter into any transactions with Russian public entities will be slightly amended to ensure access to justice.

The European Council is the EU institution that defines the general political direction and priorities of the European Union.



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