Adopts the fourteenth sanctions package against the Russian Federation
24 Jun 2024
On 24 June 2024, the European Union adopted its fourteenth sanctions package against the Russian Federation. This package introduces measures targeting the Russian liquefied natural gas (LNG) sector, strengthens anti-circumvention and due diligence requirements for European parent companies of international groups, expands trade-related and financial constraints, and tightens transport restrictions.
The sanctions on the LNG sector include a ban on providing reloading services for transshipment operations of Russian LNG, alongside related technical, brokering, and financial assistance. Additionally, the purchase, import, or transfer of Russian LNG through European Union terminals not connected to the interconnected natural gas system is prohibited. Furthermore, the sanctions prohibit the sale, supply, transfer, or export of goods and technology, including ancillary services, necessary for completing Russian LNG projects such as Arctic LNG 2 and Murmansk LNG. The European Union has also updated its existing investment ban to include these LNG projects under construction.
A new ban was introduced on banks and entities from directly connecting to and transacting on the System for Transfer of Financial Messages (SPFS), an equivalent of SWIFT, or any similar services set up by the Russian Central Bank.
Additionally, 71 individuals and 51 entities in sectors such as transport, logistics, manufacturing, military-industrial, energy, and technology were added to the asset freeze list.
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Type:
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Treatment and operation (Operational conditions)
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Industry:
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Not industry specific
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Services (Electricity, gas, steam and air conditioning supply, Wholesale and retail trade, Transportation and storage, Financial and insurance activities, Administrative and support service activities)
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