The European Union has approved its 15th set of sanctions against Russia in response to its invasion of Ukraine. These new measures include stricter actions against Chinese entities and additional vessels belonging to Moscow’s shadow fleet. The EU Commission announced this latest sanctions package on Monday.
In a bid to counter vessels attempting to evade Western restrictions and transport items such as oil, arms, and grains, the new sanctions list adds 52 more ships from the shadow fleet. This brings the total number of vessels listed to 79. The EU’s decision to target these ships came in light of a surge in vessels transporting goods that fall outside the purview of conventional Western oversight.
Among the vessels included in the list are those that were found to have carried North Korean munitions to Russia. The new sanctions also encompass 84 new individuals and entities, with seven of them being Chinese persons and entities. The Chinese listings target individuals and entities involved in facilitating the circumvention of EU sanctions, as well as those supplying sensitive components to the Russian military.
For the first time, these new measures against Chinese entities impose a travel ban and asset freeze, signaling a more serious stance towards China. EU diplomats emphasized the significance of these fully-fledged sanctions as an important message to China, highlighting the gravity with which the EU views these actions.
EU sanctions chief David O’Sullivan and Ukrainian officials have pointed to China as a key conduit for the sale of foreign technology to Russia. Previous listings involving Chinese entities in Russian sanctions were limited to export controls, rather than broader sanctions.
In addition to the Chinese entities, the latest list of sanctioned individuals and entities includes senior figures in Russia’s energy sector, high-ranking North Korean officials, and 20 companies and entities in countries such as India, Iran, Serbia, and the United Arab Emirates.
To mitigate the impact on EU central securities depositories like Belgium’s Euroclear, EU countries have implemented some financial measures when handling Russia’s immobilized central bank assets. Earlier this year, the Group of Seven (G7) nations agreed to utilize over $300 billion in frozen assets to support a $50 billion loan for Ukraine in its conflict against Russian forces.
Looking ahead, the EU Commission is preparing a 16th set of sanctions scheduled for January, which may encompass broader measures such as targeting Russian liquefied natural gas and imposing export restrictions on EU companies’ subsidiaries located in third countries, according to insider sources.
