Reference is made to our previous circulars regarding sanctions against Russia in response to the escalation of the conflict in Ukraine, available on our NNPC website.
On 23 June 2023 the European Union (EU) adopted an 11th sanction package against Russia in order to increase the scope and effectiveness of existing EU sanctions against Russia.
A number of the key elements of the new package are:
- New measures to allow the EU to restrict the sale, supply, transfer or export of specified sanctioned goods and technology to certain third countries whose jurisdictions are considered to be at continued and particularly high risk of circumvention.
- Extension of the transit prohibition for certain sensitive goods (e.g. advanced technology, aviation-related materials) exported from the EU to third countries, via Russia.
- Addition of 87 new entities to the list of those identified as supporting Russia’s military and industrial complex in its war of aggression against Ukraine.
- Restrictions on trade of certain goods to/from Russia (eg. iron and steel goods, luxury cars, certain types of machinery components, dual use goods etc.).
- Furthermore access to EU ports has been restricted for ships that are involved in (or are suspected to be involved in) ship-to-ship transfers of Russian oil.
For a detailed overview of the sanctions package members are referred to to the official website of the EU available via following link:
https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3429
