European Union preparing 14th package of sanctions against Russia
The European Union has started preparing the 14th package of sanctions, which should be adopted this spring, said the Vice President of the European Commission, Valdis Dombrovskis, according to the website of the European Commission.
"We have started preparing a 14th sanctions package, which should be adopted in spring. It is likely to include an extensive list of restrictive measures with a strong anti-circumvention angle – in the maritime sector, for example, as Russia continues to try and violate the price cap for its oil exports," he said.
According to Dombrovskis, the EU is looking for ways to stop the circumvention of sanctions through Western subsidiaries operating in countries outside Europe.
"From the EU perspective, EU parent companies that retain influence over the business operations of their overseas subsidiaries can incur responsibility for operations undertaken by those subsidiaries," said the official.
He acknowledged that sanctions against Russia could have worked even more effectively, and added that for a number of reasons, the short-term impact of the sanctions was less pronounced than expected, but they still led to increased costs for the Russian economy.
The vice-president of the European Commission added that, in general, Russia managed to establish new trade routes relatively quickly. In particular, the Russian Federation has increased trade with countries that do not impose sanctions, such as China, India, some countries of the Middle East, etc.
The Council of the European Union approved the 13th package of individual and economic sanctions by the second anniversary of Russia's full-scale invasion of Ukraine.
