A new of restrictive measures targeting specific sectors of the economy of the Russian Federation was introduced by the Council of the European Union (EU) on June 23, 2023. These economic and individual restrictive measures are intended to build up the EU’s existing measures and to prevent or forbid their circumvention.
The EU is focusing on intensifying cooperation with third countries and providing technical assistance to circumvention of the restrictions. Indeed, the EU plans to take “exceptional, last resort measures if circumvention remains despite all the measures.” According to the Council of the EU, these last resort measures are understood to be restrictions on the sale, supply, transfer, or export of goods and technology from the EU to Russia – activities that are now being routed through third countries to circumvent restrictions.
Given the ”sharp increase of deceptive practices by vessels transporting crude oil and petroleum products,” the Council of the EU has decided to prohibit access to EU ports and locks to any vessels that are in breach of the ban on importing Russian crude oil and petroleum products, or are transporting Russian crude oil or petroleum products purchased above the price cap.
As of July 20, 2023, the prolonged by six months, until 31 January 2024, the restrictive measures targeting specific sectors of the economy of the Russian Federation. A few hours later, on July 20, 2023, Russia’s President Vladimir Putin signed to the decree on response measures to the EU's restrictive measures. The term of the Russian document has been extended until December 31, 2025.
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