The European Union’s 14th package of sanctions against Russia, adopted on June 24, 2024, introduces new restrictions that may impact EU-based producers. Here’s what you need to know:
- Energy Sector Focus
- New ban on investments in and exports to Russian LNG projects
- Restrictions on importing Russian LNG through certain EU terminals
- Expanded Export Controls
- Additional export restrictions have been implemented
- Specific details on affected products are available through official EU channels
- Enhanced Compliance Requirements
- EU companies must ensure their foreign subsidiaries comply with sanctions
- Increased responsibility to prevent sanction evasion
- Targeting “Shadow Fleet” Operations
- Measures to disrupt Russia’s ability to transport oil and gas
Key Takeaways for Producers:
- Review your product portfolio against the updated sanctions list
- Strengthen compliance measures, especially for foreign subsidiaries
- Be aware of potential impacts on energy-related products and services
For detailed information contact us.
- Official European Commission announcements: https://ec.europa.eu/commission/presscorner/detail/en/ip_24_3423
- Your industry association guidelines
- Legal counsel specializing in EU trade regulations
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