On December 18, 2023, the European Council published the 12th package of sanctions against Russia, concerning restrictive measures in view of Russia’s actions in Ukraine.
The primary objective of this package is to enforce supplementary restrictions on imports and exports involving Russia by introducing new bans, addressing the circumvention of sanctions and ending existing ambiguities.
The new sanctions package adds 61 individuals and 86 entities to the list of natural and legal persons subject to asset freezes. It also adds 29 Russian and third-country entities associated with Russia’s military-industrial complex, which are subject to tighter export controls .
Furthermore, the new measures strengthen the enforcement of the oil price cap by intensifying scrutiny on the potential misuse of tankers to bypass the cap. It also incorporates more rigorous obligations for tracing assets and implements stringent measures against third-country companies attempting to circumvent sanctions.
The most relevant changes are summarized in this insight.