The eighth package of sanctions against Russia is being prepared. A new set of sanctions is currently being discussed and agreed by the EU member states. There will be several important measures to punish Russia for its cruel war against Ukraine.
This was disclosed on October 4 at a briefing of the Presidential Office, Channel 24 reported. It was emphasized that they are referring to specific sanctions against individuals who planned unlawful referendums in Ukraine’s territory occupied by Russia.
The Presidential Office stated, “Of course, all of them will receive their share of personal penalties.”
March 15: 4th package (oligarchs’ asset freeze).
April 8: 5th package (leaks in the 4th package).
June 3: 6th package (insurance of oil and petroleum products).
July 25: 7th package (gold).
What sanctions in the 8th package are expected?
The price of oil is currently the subject of negotiations. The eighth package will contain this measure. Additionally, there are discussions of extending the restrictions on some imports from Russia.
The total cost of these restrictions will be 7 billion euros. It is crucial that a penalty be enacted in order to prohibit residents of EU nations from serving on the supervisory boards of Russian state-owned businesses, according to the office.
It is crucial that Ukraine sees the further disconnection of Russian banks from the SWIFT system in the eighth package of sanctions. especially Gazprombank.
What kind of sanctions does Ukraine want?
The sanctions may include a ban on the entry of European ships to Russian ports and a ban on the entry of Russian citizens. Specifically, most (if not all) categories of Russian people will no longer be eligible to enter the EU.
“Work is ongoing. The work will be finished before the EU meeting, as the EU side promised,” the Presidential office noted.
What will happen to Russian oil?
The price of Russian oil will be restricted by the world. There will be three stages to this:
- The first round of G7 sanctions will target Russian crude oil,
- the second will target diesel fuel,
- the third will target lower-value products.
The G7 and EU sanctions are set to go into effect on December 5. As the Kremlin has maintained its revenues despite prior sanctions, the limits are intended to lower Russia’s oil export profits. Sales to Asia have surged for Russia.
EU partially revealed the new package of sanctions against Russia
The planned eighth package of sanctions against Russia was partially revealed by the EU on September 28. It featured more information about the proposed scheme to cap the price of oil but did not forbid the purchase of Russian diamonds.
The 27 member nations will review the proposed policies, and all 27 must vote in favor of them. No timetable has been established for the challenging approval procedure. Depending on how dependent they are on Russian oil supplies, member states disagree on the issue of an oil price cap. The measures will be discussed at the upcoming EU leaders’ summit, which will take place in Prague on October 6-7.
The new package is partially a reaction to Russia’s fake referendums and annexation of Ukrainian regions by Russia. “We reject both the fake referendums and all annexations. We also intend to hold the Kremlin accountable for this latest escalation”, Ursula von der Leyen, president of the European Commission, stated. “We are putting out a fresh set of biting sanctions.”
EU wants to deprive Russia military machine of vital technologies
The EU would also lengthen the list of forbidden exports “to deprive the Kremlin’s military machine of vital technologies,” according to Von der Leyen, who claimed that a new imports embargo targeting a longer list of goods and services would cost Russia €7 billion in lost revenues.
As the EU struggles to replace Russian supply, the new sanctions package would also loosen limits on Russian shipments of coal and other crucial raw resources like cement and fertilizers.
Also being considered is a new prohibition on the export of semiconductors, which would also prohibit the sale of refrigerators, dishwashers, and washing machines, all of which have provided the Russians with the microchips they have been utilizing in their missiles.
The brake pads and tires of aircraft have also been targeted. Russia has started cannibalizing its fleet of jets in an effort to keep at least a portion of the fleet in the air because it is unable to obtain parts for its aircraft.
Josep Borrell, the head of the EU’s foreign policy, said the organization was also adding more people from Russia’s defense industry and personnel in charge of planning the referendums in Ukraine to its blacklist.
Despite prior sanctions Russia continues its war, and tries to legitimize its invasion and seizure of Ukrainian territories via fake referendums.