European Commission’s Post

The 14th sanctions package now adopted. It contains several measures related to LNG: 1) a ban on transshipment in EU terminals for Russian LNG. It targets all transshipments irrespective of the ultimate destination, but derogation is possible in case of re-export within the EU. This would not affect imports into the EU which are not banned. The objective is to increase Russian logistic costs to export LNG by banning the use of EU ports: icebreaker cargoes from the Artic use them to move the gas to smaller ships. Now the logistic costs would increase for Russia, while prices would not increase as they are set up globally (and transshipped volumes are less than 1% of the global market - around 4-6bcm/year). 2) a ban on Russian LNG import to off-grid terminals (ie. terminals not connected to the gas system). Only three in EU (2 in Sweden and 1 in Finland), importing very small volume of Russian LNG (<1bcm/y). 3) a ban to provide services/goods to Russian LNG liquefaction plants under construction. This would curb Russia’s ambitions to grow its position in the LNG global markets by expanding export capacity.

The #EU just adopted its 14th #package of #sanctions against #Russia. This hard-hitting package will further deny #Russia #access to key #technologies. It strips #Russia of further #energy #revenues. It also introduces new listings of #persons and #entities. And tackle #Putin’s #shadow #fleet and #shadow #banking #network #abroad.

❗ ❗ ❗ The EU adopted today the 14th package of Sanctions against Russia. While awaiting for the official text here's a useful overview prepared by the European Commission

Today, the 14th package of sanctions against Russia was published in the Official Journal of the European Union! 🛡️ COUNCIL REGULATION (EU) 2024/1745 https://lnkd.in/dn4KpMxs 🛡️ COUNCIL REGULATION (EU) 2024/1739 https://lnkd.in/dNiwF_UV #Sanctions #SanctionsCompliance #FinancialCrimeCompliance #Russia #Ukraine #EUsanctions #RussianLNG #SPFS #SanctionCircumvention Summary of the package 👇

Details on the new EU 14th package sanctions⚠. See below and in any related EU channel⬇. #Sanctions #Compliance #RiskManagement

The #European Council has adopted earlier today the #14th package of #sanctions and restrictive measures against #Russia. These measures are designed to target high-value sectors of the Russian economy, like energy, finance and #trade, and make it ever more difficult to circumvent #EU sanctions. Among others: ⭕️The enter into force of the services restrictions provided within / to group companies have been postponed - they will enter into force on September ❌Additional dual use and advance technology items have been restricted for exports ▶️Find out more details of the new package in the link below

🚨 Yesterday, the EU 🇪🇺 adopted the 14th sanctions package targeting Russia. Here are some key takeaways: 1️⃣ As expected, the package includes a ban on Russian LNG. However, the sanctions won’t hit the exports of LNG to the EU, instead it will ban EU ports from reselling Russian LNG after it arrives. It is worth noting that the ban includes a transition period of nine months before it will be applied. 2️⃣ EU parent companies will be required to undertake their best efforts to ensure that their third-country subsidiaries do not take part in any activities resulting in an outcome that the sanctions seek to prevent. It will be interesting to follow how “best efforts” will be interpreted. In its FAQ, the Commission mentions “conducting appropriate due diligence”. 3️⃣ The EU has modified the wording in the relevant Articles relating to liability for circumvention of the provisions in Reg. 833/2014 and Reg. 269/2014. The new wording states that it is prohibited to "[participate] in such activities without deliberately seeking that object or effect but being aware that the participation may have that object or effect and accepting that possibility". Thus, liability for circumvention will be triggered at a lower standard. 4️⃣ The exception in Article 5n(7) of Reg. 833/2014, that expired on Friday 20 June, has been prolonged until 30 September 2024. The exception allows otherwise prohibited services (including accounting, auditing, legal advisory service, IT consultancy services and software for the management of enterprises) to EU-owned or controlled Russian subsidiaries.

The latest US #sanctions on #Russia and Russian sanctions evaders underscore the US’s continued commitment to a whole-of-government approach in this area. Our alert takes a closer look at the sanctions and what they mean for both Russian and non-Russian entities. #GlobalSanctions #OFAC #Ukraine #Energy #Electronics #Diamonds

The White House is set to announce measures concerning frozen Russian assets during the upcoming G7 summit. This move could have significant implications for international relations and economic strategies amidst ongoing geopolitical tensions. Appears that there may be a deal on using the interest on $325 billion in frozen Russian Central Bank assets as collateral for a loan to Ukraine of up to $50 billion. US National Security Council spokesperson: "We will announce new steps to unlock the value of the immobilized Russian sovereign assets to benefit Ukraine. I think you're going to see unanimity here at the G7 when it comes to working towards using these frozen assets to help Ukraine with their reconstruction." Also indicated that "an impactful set of new sanctions and export control actions" will be announced. #sanctions #Russia #Ukraine #AssetSeizure #AssetForfeiture #expropriation #G7Summit #geopolitics https://lnkd.in/gXG4_2Ct

The EC approved a plan to use the Russian Federation’s frozen assets for Ukraine’s benefit. According to the Commission, more than €200 billion ($216 billion) of Russian assets are frozen in the EU, the vast majority of which are held in Belgium and handled by the Euroclear clearing house. The assets may be frozen, but they are generating income in the EU. Euroclear estimated the proceeds related to EU sanctions at around €3 billion in the first nine months of 2023. As a high-ranking EU official told journalists at a closed briefing, the European Commission will not publish the proposal but will submit it to the European Council for study and decision-making. The EU's proposal stems from a situation in which central depositories were forced to deposit a portion of these assets after the Russian Central Bank’s assets were immobilized in European countries, which generated significant profits for these banks. As a result, the EC decided that these revenues should be used to help rebuild Ukraine. But this is a long-term goal, and now the European Commission has focused on separating the income from Russian assets and securing them. Although the official refrained from specific income estimates from these assets, the EU plans to attract €15B in aid for Ukraine, according to the FT #ubn #frozenassets #ec #eu #rebiuldukraine #euroclear #belgium #russianassets #brussels https://p.dw.com/p/4a5Tw