EU Announces 12th Sanctions Package Against Russia

Written by Henrik Rothen

Dec.15 - 2023 7:54 AM CET

EU Announces 12th Sanctions Package Against Russia.

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The European Council has announced that the European Union has agreed upon its 12th package of sanctions against Russia.

This latest package, set to take effect on January 1, includes significant measures such as a ban on the import of Russian diamonds. Additionally, starting in March, there will be a phased ban on diamond imports from third countries, aligning with the policies of the Group of Seven (G7) nations.

This new sanctions package also aims to tighten the requirements for companies claiming compliance with the G7 Russian oil price cap.

Furthermore, it includes steps to prevent Russia from accessing dual-use technologies. Companies dealing with certain products will now be required to ensure that their partners sign contracts prohibiting the resale of goods to Russia.

The decision to implement this new sanctions package was agreed upon by EU nations on December 13, with Austria initially holding back due to the need for a final legal examination of the package.

However, according to Reuters, sources familiar with the matter indicated that Austria's hesitation was linked to efforts to have Raiffeisen Bank International, the largest Western bank operating in Russia, removed from a Ukrainian blacklist.

This condition was reportedly a part of Austria's agreement to sign off on the new EU sanctions against Russia. Despite these discussions, Raiffeisen Bank International remains on Ukraine's blacklist.

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