June 26, 2024 at 08:57AM
The European Union imposed new sanctions on Russia, targeting its tanker fleet and companies over the war on Ukraine. The EU aims to hinder Russian liquefied natural gas shipments, estimating billions of cubic meters were transported via EU ports last year. The measures also include asset freezes, travel bans, and financial support to Ukraine for defense.
Key Takeaways from the meeting notes:
1. The European Union has imposed new sanctions on Russia in response to its war on Ukraine. The sanctions target Russia’s shadow fleet of tankers moving liquefied natural gas (LNG) through Europe, as well as several companies.
2. The EU aims to push Russia into using more costly routes for energy purposes by forbidding reloading services of Russian LNG in EU territory for transshipment operations to third countries.
3. Measures include targeting ship-to-ship and ship-to-shore transfers, reloading operations, and a crackdown on the re-export of LNG to third countries via the EU, as well as a ban on new investments to help Russia complete LNG projects.
4. Scores of entities in China, Turkey, and the United Arab Emirates, accused of circumventing the bloc’s sanctions or providing sensitive equipment to Russia, have been added to the EU’s list.
5. Over 50 officials, including Russia’s President Vladimir Putin, Foreign Minister Sergey Lavrov, and several oligarchs, are targeted with asset freezes and travel bans. More than 1,700 people, as well as entities previously hit, are included in the sanctions list.
6. The EU has agreed to provide Ukraine with financial support of 1.4 billion euros in July and a further 1 billion euros by the end of the year to boost its defense capabilities. The funds will be drawn from profits made from frozen Russian assets held in Europe.
7. Several EU foreign ministers expressed concern about Russia’s hybrid attacks, including allegations of election interference, cyber-attacks, and sabotage. They emphasized the need to support Ukraine and send a clear message to Russia in response to its aggressive actions.
8. NATO has warned of Russian “hostile state activity” toward several countries, and the EU has imposed sanctions on individuals and groups involved in online espionage and cyber operations against EU member countries.