EU Imposes 10th Round of Sanctions Against Russia on One-Year Anniversary of Ukraine Invasion
By The European Union is set to impose its tenth package of sanctions against Russia on the one-year anniversary of the Russian invasion of Ukraine.[0] The package is intended to further weaken Russia’s war machine and includes trade bans and technology controls worth €11 billion.[1]
The sanctions target entities connected to Iran’s Islamic Revolutionary Guard Corps, which the EU says is involved in the delivery of drones to Russia for its war against Ukraine. The embargo will focus on technological and industrial goods critical for the Russian economy that it cannot get through backfilling by third countries.[2]
The package will also include restrictions on the export of “multiple electronic components” used in Russia’s weapons systems, such as drones, missiles and helicopters. Additionally, the EU is forcing banks to report information on Russian Central Bank assets, and it is banning Russian nationals from holding executive positions in critical infrastructure companies, such as owners of gas-storage facilities.[3]
The package includes an additional export ban of more than €10 billion, which is expected to further constrain Russia’s war machine and undermine the foundations of its economy. A Sanctions Coordinators Forum will bring together the EU member states and international partners next week to ensure that the sanctions are enforced in a coordinated way.[2]
EU foreign policy chief Josep Borrell told the European Parliament on Wednesday that the sanctions are starting to make a real impact on Russia’s economy, limiting its revenues and constraining its trade.[4] He added that the package is designed to make banks report frozen assets linked to sanctioned Russian companies and individuals, and suggested fines for failure to provide the required information.[5]
0. “Enforcement of EU Sanctions – Soon New Powers for the European Public Prosecutor's Office?” Lexology, 13 Feb. 2023, https://www.lexology.com/library/detail.aspx?g=18e81a83-25fc-44f6-9c5d-3662d8636ce2
1. “EU promises Zelenskyy to further weaken Russia's war machine” euneighbourseast.eu, 9 Feb. 2023, https://euneighbourseast.eu/news/latest-news/eu-promises-zelenskyy-to-further-weaken-russias-war-machine/
2. “EU proposes 10th sanctions package against Russia – Chinadaily.com.cn” China Daily, 15 Feb. 2023, https://global.chinadaily.com.cn/a/202302/16/WS63ed05aba31057c47ebaf00d.html
3. “Ukraine Latest: EU Targets Russian Assets in New Sanctions Round” msnNOW, 15 Feb. 2023, https://www.msn.com/en-us/news/world/ukraine-latest-eu-targets-russian-assets-in-new-sanctions-round/ar-AA17uXg5
4. “EU Sanctions Aim to Make Banks Report Frozen Russia Assets; Russia Reinsurer on List” Insurance Journal, 16 Feb. 2023, https://www.insurancejournal.com/news/international/2023/02/16/708256.htm
5. “EU sets out new €11b Russia sanctions, adds Iranian entities for first time” EURACTIV, 15 Feb. 2023, https://www.euractiv.com/section/global-europe/news/eu-sets-out-new-e11b-russia-sanctions-adds-iranian-entities-for-first-time
