EU announces adoption of 14th package of sanctions on Russia amid war on Ukraine
Date
6/24/2024 10:01:25 AM
(MENAFN) In response to Russia's ongoing war against Ukraine, the European Union has announced the adoption of its 14th package of sanctions. This latest round of economic and individual restrictive measures is aimed at further weakening President Vladimir Putin's Regime and those supporting his continued aggression against Ukraine, which began in February 2022. According to a statement released by the EU Council on Monday, these sanctions are intended to deliver a significant blow to key sectors of the Russian economy, specifically targeting energy, finance, and trade, and making it increasingly challenging for Russia to evade existing EU sanctions.
The new package of sanctions imposes restrictive measures on an additional 116 individuals and entities deemed responsible for actions that undermine or threaten the territorial integrity, sovereignty, and independence of Ukraine. By expanding the list of sanctioned persons and organizations, the EU aims to intensify pressure on those contributing to the perpetuation of the conflict and the destabilization of Ukraine.
Furthermore, the sanctions package includes a prohibition on all future investments in and exports to liquefied natural gas (LNG) projects currently under construction in Russia. This measure is expected to significantly impact the Russian energy sector, curbing its development and future revenue streams. In addition, the EU has introduced a ban preventing banks within the bloc, that are located outside Russia, from using the Russian financial messaging system SPFS (System for Transfer of Financial Messages), which serves as the Russian alternative to the SWIFT system. This move is designed to further isolate the Russian financial sector from the global economy and impede its ability to conduct international transactions.
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