8th Package of European Sanctions Against Russia

 The military escalation of the Russian government has led the Council of the European Union to adopt new measures, in order to limit Russia's aggression against Ukraine.

The 8th package entered into force today 7 October 2022 and provides for severe economic and individual sanctions aimed at reinforcing European pressure on the Russian government and economy.

In particular, the innovations introduced with the new package determine:

COMMERCIAL RESTRICTIONS

• Extension of the import ban on steel products originating in Russia or exported from Russia;

• Increased import restrictions on pulp and paper, cigarettes, plastic and cosmetic products, as well as elements used in the jewelry industry (precious stones and metals), and more broadly all those products that generate significant revenue for Russia;

• Expanding the list of products subject to export restrictions that can contribute to Russia's military and technological strengthening or to the development of its defense and security sector. The list will now include some additional electronic components, chemicals and goods that can be used for capital punishment, torture or other cruel, inhuman or degrading treatment;

• Restrictions on the sale, supply, transfer or export of additional goods used in the aviation industry.

The basis for the implementation of a price cap on the maritime transport of Russian oil to third countries as well as an implementation of restrictions on the maritime transport of crude oil and petroleum products to third countries.

Another relevant aspect concerns the Council's decision on the geographical scope considered for the application of the restrictions introduced on 23 February, including in particular the ban on the import of goods from areas not controlled by the government of the Donetsk and Luhansk regions, will be also extended to uncontrolled areas of Zaporizhzhia and Kherson regions.