This week’s Subject Matter is about the European Union – 12th Sanctions Package

On December 18, 2023, the European Union adopted the 12th package of sanctions against Russia for its continued illegal war against Ukraine. The focus of this package is to impose additional import and export bans on Russia, combat sanctions circumvention, and close loopholes. The package includes additional listings of Russian individuals and companies and new import and export bans such as banning the export of Russian diamonds to Europe in cooperation with G7 partners.

The key elements of the 12th Sanctions Package are as follows:-
1- Additional Listing of over 140 additional individuals and entities subject to asset freezes
2- Stricter Asset Freeze Obligations
3- Trade Measures
4- Energy Measures
5- Stronger Anti-Corruption Measures
6- Additional and other Measures