EU Countries Approves 14th Sanctions against Russia

• 21 Jun 2024

On June 20th, 2024, European Union countries approved a 14th package of sanctions against Russia over its war in Ukraine, including a ban on re-exports of Russian liquefied natural gas (LNG) in EU waters.

Key Points

• The prohibition includes the purchase of Russian LNG by EU countries; ban the re-export of Russian gas to third countries via European waters.
• European ports matter for Russia since the continent offers a key route for LNG exports from frozen Arctic ports to Asian markets in winter months.
• The Belgian port of Zeebrugge and the French port of Montoir are especially important hubs for re-exports to countries such as China, Taiwan and Turkey.
• The proposal also has obliged EU firms to prevent the re-export of their sanctioned products to Russia via third countries, including former Soviet states, Turkey, and the United Arab Emirates.
• The EU is looking to clamp down on the flow of dual-use technologies, such as washing machine chips, that could be used by Russia on the battlefield.
• The 14th round also includes "remedies" to allow European firms to claim compensation for the damages inflicted by Russian retaliation.