The new package is, among other things, a reaction to the sham referendums in the areas of Ukraine that have now been annexed by Russia.
Part of the package are also IImport bans on certain steel products, cigarettes, plastics, cosmetics and other products worth seven billion euros. In addition, the legal Basis created for the upper price limit for Russian oil sought by the G7 economically strong democracies. This should significantly reduce Moscow’s income. For example, the sea transport of oil products and crude oil from Russia should only be possible worldwide if the oil was bought below a certain price. This is to be achieved by linking certain services, such as insurance for oil transport, to compliance with the rule.
In addition, with the new sanctions further restricted the export of products used by Russia for the war against Ukraine. These include electronic parts, chemicals, small arms and goods that can be used for torture. Architectural and IT services as well as legal advice may no longer be offered to Russia. Also In the future, EU citizens will be banned from holding seats on the governing bodies of certain Russian state-owned companies. Anyone who helps to circumvent sanctions should also be able to be subject to sanctions in the future.