EU close to agreeing on 12th package of sanctions against Russia – Reuters

The European Union is close to agreeing on the next, 12th package of sanctions against Russia, which includes a ban on diamonds of Russian origin and additional restrictions on Russian oil.

Source: Reuters referring to four informed sources, as reported by European Pravda

Details: The currently agreed EU sanctions wording contains stricter measures to prove that Russian oil is traded at a price below the US$60 per barrel ceiling.

At the same time, according to Reuters, the European Commission's proposal to ban the sale of old oil tankers to Russia, which could be used to circumvent the price ceiling, was softened under pressure from Mediterranean countries.

In the latest draft of the sanctions, shipping companies now only have to "report" such sales.

The EU states have also finalised the provision banning the re-export to Russia of all goods included in the list of customs codes of the European Commission. As expected, the list of goods was shortened, and to monitor the implementation of this provision, EU companies will enter into contracts with their counterparties, and the transition to such contracts will be phased in.

In addition, the EU members abandoned the proposal to mandatorily authorise "any transfer of funds" by a Russian company or a Russian citizen outside the EU. According to the draft, such a rule would apply to transfers of 100,000 euros or more.

Meanwhile, the EU is still discussing the provisions on the exemption of sanctioned goods for personal use, from personal belongings to cars, as well as the possible extension of sanctions exemptions for member states.

According to Reuters sources, the ban on imports of non-industrial Russian diamonds has already been agreed upon following the decision of the G7 state leaders last week and is due to take effect on 1 January 2024.

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