Twelfth EU sanctions package against Russia

Council Regulation (EU) 2023/2878 of 18.12.2023 amending Regulation (EU) No 833/2014 concerning restrictive measures against Russia

The EU member states have once again tightened sanctions against Russia with effect from December 19, 2023. At the heart of the new sanctions package are new import and export bans, such as the ban on exporting Russian diamonds to Europe. In addition, the use of tankers to circumvent the oil price cap will be monitored more closely. This will allow the cap to be enforced more strictly.

The obligations in connection with the tracing of assets will be tightened and measures will be taken against companies from third countries that circumvent sanctions. Finally, the sanctions list will be expanded and the assets of over 140 additional natural and legal persons will be frozen.

The focal points of the 12th sanctions package are

• Import restrictions on diamonds mined, processed or manufactured in Russia (excluding industrial diamonds). The proposed sanctions are part of the internationally coordinated diamond ban by the G7 countries with the aim of depriving Russia of this important source of income, which is estimated to be worth 4 billion euros per year. All G7 members will implement a direct ban on diamonds exported from Russia from January 1, 2024 at the latest. On March 1, 2024, a ban on Russian diamonds polished in third countries will enter into force, and on September 1, 2024, the ban will be extended to laboratory diamonds and diamond-studded jewelry and watches. To increase the effectiveness of these measures, a robust traceability-based verification and certification system for rough diamonds will be established within the G7.
  Import bans on raw materials for steel production, processed aluminum products and other metal goods.
  Additional export restrictions on dual-use goods and advanced technology and industrial goods worth €2.3 billion annually.
  New export bans on industrial goods from the EU to further weaken Russia's industrial sector, including machinery and machine parts, construction goods, processed steel, copper and aluminum products, lasers and batteries.
  Inclusion of 29 legal entities from Russia and third countries in the list of entities associated with the Russian military-industrial complex (including legal entities registered in Uzbekistan and Singapore).
  Prohibition of the provision of business and design software to the Russian government or Russian companies with the aim of further weakening the capabilities of Russian industry.

The prohibitions and restrictions flanked by criminal law under the Foreign Trade and Payments Act must be observed with immediate effect.