Filenews 5 October 2022
An initial agreement on the eighth package of sanctions against Russia over the invasion of Ukraine was reached on Tuesday night by the Permanent Representatives of the 27 member states in a COREPER format, according to diplomatic sources.
The new drafts of the texts for adoption were released late on Tuesday night, and the Permanent Representatives will seek a final agreement on Wednesday morning as part of coreper's regular meeting.
According to reports, support appears to be secured for Cyprus, Greece and Malta (the countries with the three largest fleets of tankers or EU-flagged ships) to address efforts to avoid sanctions through re flagging in other non-EU jurisdictions.
The package contains the legal framework for imposing a cap on the price of Russian oil transported by sea by tankers of European interests or under the flag of an EU country to third countries (it is recalled that oil imports into the EU have already been banned, as well as the provision of insurance services by EU companies which will take effect from the end of the year).
The cap on the price of Russian oil by sea is a measure that was agreed at G7 level and is expected to be implemented in the coming months and not immediately.
The package also includes new restrictions on exports of technology from the EU to Russia, and on imports from Russia to the EU. Also added to the sanctions list is a new category of violations, those that help in the violation of sanctions, as well as the names of persons involved in the illegal annexation of Ukrainian territories by Russia.
