OR European Union (EU) gave preliminary support to a 15th package of sanctions against it of Russiawhich includes the extension of Slovakia’s exemption for trade in petroleum products derived from Russian oil until early June.
The EU is trying to gradually limit energy imports from Russia, but this exemption will allow Mol-Slovnaft to export motor fuel produced from Russian oil to the Czech Republic, according to Bloomberg sources.
EU envoys today (11.12.2024) backed the wider sanctions package, which hits several Chinese companies accused of helping Russian companies develop offensive drones for use against Ukraine. The package has yet to be formally approved by the EU.
The package includes restrictions on around 45 additional Russian oil tankers and several companies involved in the country’s oil transport, as the union aims to limit Moscow’s ability to circumvent existing restrictive measures, the same sources said.
It also lists more than 50 individuals and nearly 30 companies, freezing their assets and imposing travel bans, according to documents seen by Bloomberg before the approval.
The Commission’s proposal for sanctions faced some backlash after Germany, France and Italy defended a one-year extension of a different derogation aimed at helping companies end their presence in Russia. Latvia and Lithuania opposed this request.
Vilnius resisted until the last minute the compromise wording proposed by the EU executive, which warns of the risks of continuing to do business in Russia, because it wanted stronger wording on the need for a full clean-up.
As part of the package, the EU proposed adding to the sanctions list several Chinese entities and a Chinese national who controls a company that has violated EU trade restrictions – a Hong Kong-based company that has supplied Russian military companies with banned microelectronics components – and North Korean defense officials involved in the country’s decision to deploy troops to help Russia, according to draft documents.
The new package of measures came as the G7 pledged last month to take “appropriate measures” against China and other countries that support Russia’s war effort in Ukraine.
EU leaders are scheduled to discuss Russia’s war of aggression against Kiev and the support provided by third countries at a leaders’ summit in Brussels next week, according to the summit’s draft conclusions.
The measures also include export restrictions on about three dozen entities involved in helping Moscow circumvent trade sanctions.