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EU adopts new sanctions package against Russia

BRUSSELS, Oct 6 (KUNA) -- The European Union Thursday formally adopted its eighth sanctions package against Russia due to its escalating war against Ukraine and the illegal annexation of Ukrainian territories.
The agreed package includes a series of "biting measures" intended to reinforce pressure on the Russian government and economy, weaken Russia's military capabilities, and make the Kremlin pay for the recent escalation, the EU said in a statement.
The package introduces into the EU legislation the basis to put a price cap related to the maritime transport of Russian oil for developing countries and further restrictions on the maritime transport of crude oil and petroleum products to third world countries, it said.
It will be prohibited to provide maritime transport and to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of crude oil (as of December 2022) or petroleum products (as of February 2023) which originate in or are exported from Russia, it said.
The new prohibition for EU vessels to provide maritime transport for such products to third countries will apply as of the date in which the Council of the EU will unanimously decide to introduce the price cap.
The price cap will drastically reduce the revenues Russia earns from oil after its illegal war on Ukraine has inflated global energy prices. The oil price cap can also serve to stabilize global energy prices, it noted.
As concerns trade, the EU is extending the import ban on steel products that originate in either Russia or are exported from Russia.
Further import restrictions are also imposed on wood pulp and paper, cigarettes, plastics and cosmetics as well as elements used in the jewelry industry such as stones and precious metals, that altogether generate significant revenues for Russia.
The sale, supply transfer or export of additional goods used in the aviation sector will also be restricted.
The package agreed today also comprises the sanctioning of individuals and entities that have played a role in the organization of illegal "referenda", a ban on EU nationals to hold any posts on the governing bodies of certain Russian state-owned bodies.
The EU also decided that as of today, the geographical scope of the sanctions introduced on 23 February, including notably the import ban on goods from the non-government controlled areas of the Donetsk and Luhansk oblasts will be extended to cover also the non-controlled areas of the oblasts of Zaporizhzhia and Kherson. (end) nk.bb