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COMMISSION ISSUES 5th RUSSIA SANCTIONS PACKAGE

SİRKÜLER NO: 6.12 / 216-158 = 07/04/2022


Üyesi bulunduğumuz FONASBA' dan 07.04.2022 tarihinde almış olduğumuz e- posta mesajı aşağıdaki gibidir.

 

Dear All,

The European Commission has proposed a fifth package of economic sanctions against Russia because of its actions in Ukraine. That package is being voted on by the European Parliament today.

As members may already be aware, the package includes the following:

-A phase out of purchases of coal from Russia, with a ban on any new supply contracts

-Bans on Russian vessels calling at EU ports and on Russian and Belarusian vehicles entering its territory. The port ban will however include some exemptions “for “certain essentials” including energy, food, agricultural products, and humanitarian aid”.

-Increased sanctions on four key Russian banks that will prevent their access to EU financial markets

-Additional export bans will be applied to advanced semiconductors, machinery, and transport equipment

At present oil and gas imports are not included in this package, although the Commission has hinted that they will be covered in further sanctions packages.

A copy of Commission President von der Leyen’s press statement announcing this latest package can be found here: https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_22_2281 and further information on the current sanctions can be found here: https://ec.europa.eu/info/strategy/priorities-2019-2024/stronger-europe-world/eu-solidarity-ukraine/eu-sanctions-against-russia-following-invasion-ukraine_en

Whilst the European Union is setting the overarching sanctions provisions, individual Member States are doing so as well, and this has led to some inconsistencies in approach. A single, EU-wide sanctions regime, applied equally by all Member States may be desirable, especially for companies that operate in more than one Member State, but to a significant extent foreign policy remains in the hands of individual Member States and ECASBA members are therefore recommended to closely monitor their own national sanctions programmes to ensure they comply.

We trust the foregoing is useful. Further updates will follow at the appropriate time.

 

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Emin EMİNOĞLU

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