On 28 September 2022, the European Commission announced its proposal for a new package of sanctions against Russia, following the referenda organised in the Ukrainian territories occupied by Russia and Russia’s threat to use nuclear weapons.

The 8th package of sanctions will include new listings of individuals and entities and further restrictions on trade such as import bans on Russian products and the extension of the list of products which may not be exported to Russia. This is expected to include additional aviation items, electronic components, and specific chemical substances.

It is additionally proposed for the new package of restrictive measures to include additional bans on providing European services to Russia, and a prohibition for EU nationals to sit on governing bodies of Russian state-owned enterprises.

The European Commission additionally stated that the measures introduced in the new package will also set the legal basis for implementing an oil price cap on Russian oil, for third countries, as has also been agreed by the G7 countries.

Finally, it has been announced that with the 8^th package, the EU will step up its efforts to crack down on the circumvention of the restrictive measures. This will be achieved with the introduction of a new category of listed person, which will include persons who are identified to circumvent the EU sanctions.

The press statement can be found here.

Our recent blog post on the G7 decision on Russian oil price cap, can be found here.