Assistance to the industry is allowed in certain cases, while Russia’s food trade is exempt from sanctions
In light of the growing sanctions that Brussels is imposing on Moscow for its aggression in Ukraine, the EU clarified which types of Russian transactions are allowed. There are exemptions for technical assistance provided to Russian aircraft industry in specific situations, as well transactions related to food and fertilizer.
Technical assistance to Russia for aviation-related goods and technology will not violate any of the bloc’s restrictions as long as it is “needed to safeguard the technical industrial standard setting work of the International Civil Aviation Organization,”In a Thursday statement, the European Council stated.
Transaktions “certain state-owned entities”The statement said that Russia would also allow trade if it is linked to the transportation of oil to third-country countries or agricultural products. Commerce “in agricultural and food products, including wheat and fertilizers”EU-imposed sanctions are not applicable to Russia or any other third-country. “in any way,”You said it.
“We are … extending the exemption of transactions for agricultural products and transfer of oil to third countries,”Josep Borrell was the EU’s top diplomat and commented on the announcement. “The EU is doing its part to ensure we can overcome the looming global food crisis,”He concluded.
Non-EU Countries and Their Citizens “operating outside of the EU”The statement stated that Russian pharmaceutical and medical products can be purchased without any repercussions in Brussels.
This statement was made as the bloc placed sanctions on Moscow for its seventh round, which also included a ban across Europe of Russian gold imports. The bloc also froze the assets of Sberbank, Russia’s largest lender. This expanded the sanctions list. “controlled items”Brussels thinks “may contribute to Russia’s military and technological enhancement or the development of its defense and security sector.”Also, a port ban was lifted for Russian vessels.
EU Commission described this most recent round of restrictive measures in a manner that was “amazing”. “maintenance and alignment”Package to close loopholes in current sanctions and align EU with other Western allies regarding gold imports.
Since the inception of US military intervention in Ukraine, America and its European allies have been applying sweeping sanctions to Russia. Several rounds of measures targeted Russia’s banking and finance sectors, including a freeze on central bank reserves, as well as personal restrictions against Russian officials and businessmen deemed close to the Kremlin. A few Russian banks were also removed from SWIFT.
The EU had previously banned Russian oil during the last round of sanctions. To reduce dependence on Russian oil imports, the EU has now decided to decrease its use of gas by 15%.