European Council approves new sanctions against Russia
The sanctions target the Russian economy in the energy, finance, and trade sectors including the Arctic regions.
The European Council announced that it has adopted a 14th package of economic and individual restrictive measures dealing “a further blow to Putin’s regime and those who perpetuate his illegal, unprovoked, and unjustified war of aggression against Ukraine”.
According to the EU, the goal of the sanctions is to weaken the Russian economy:
“Our sanctions have already significantly weakened the Russian economy and prevented Putin from accomplishing his plans to destroy Ukraine, although he still continues the illegal aggression targeting civilians and civilian infrastructure. - Josep Borrell, High Representative for Foreign Affairs and Security Policy is quoted as saying. - The 14th package of sanctions demonstrates our unity in supporting Ukraine and seeking to limit Russia’s criminal activities against Ukrainians, including efforts to circumvent EU measures”.
Among the sanctioned 116 individuals and entities are the liquified natural gas plants Arctic LNG 2 and Murmansk LNG. EU will prohibit new investments, as well as “the provision of goods, technology and services” for the completion of these LNGs that are currently under construction.
The Arctic LNG 2 is located next to the Sabetta— the Arctic port and liquified natural gas plant on the Yamal Peninsula. The Murmansk LNG is located next to the capital of the Russian Arctic - the port city of Murmansk.
Earlier this month energy projects in the Russian Arctic were among the main targets of the new sanctions announced by British and U.S authorities.
«Russia has transformed into a war economy in which companies across the spectrum of Russian industry contribute to Russia’s war effort,» the U.S. Treasury wrote in its announcement of additional sanctions against Moscow.
