European Union agrees to impose 14th sanctions package on Russia

The European Union has imposed a 14th package of sanctions on Russia targeting both companies and individuals, the European Council, the body responsible for the EU’s political agenda, announced on Monday.

The sanctions, which European Commission President Ursula von der Leyen described as “hard hitting” and said would “strip Russia of further energy revenues”, target another 116 individual and legal entities the EU believes are complicit in actions that have undermined or threatened the territorial integrity, sovereignty and independence of Ukraine.

After Russia began its full-scale invasion of Ukraine in February 2022, the West imposed heavy sanctions on Russia in an attempt to weaken its economic power. Many countries continue to prohibit any trade with Russia, including oil and natural gas, two of Russia’s most important exports.

The EU has used the 14th package to take a more targeted approach to Russia’s exports of liquified natural gas (LNG). While the EU will continue to purchase Russian LNG, it will impose restrictions on its transit through European ports.

In addition, the package bans investment in LNG infrastructure currently under construction in Russia, a significant constraint on one of Russia’s most valuable commodities.

Also included in the package, which will come into effect over a nine-month transition period, are sanctions on Russia’s banks, its shipping industry and its trade in rare minerals and gasses.