EU Drops the 12th Storm of Sanctions on Russia
Fasten your seatbelts: the European Council just rolled out a brand‑new package of economic and “individual restrictive measures” aimed squarely at Russia. Think of it as the EU’s version of a double‑take hit playlist—only this time the track list is all about hitting hard on the supply chain.
Diamonds? Tick. Get it.
The latest crackdown targets Russian diamonds—yes, even those that have slipped through the fences by being polished in third‑country workshops. Nothing escapes this hammer.
When does the sting start?
- As soon as the sanctions appear in the Official Journal of the EU, they’re live—no waiting room, no pre‑license. The effect is immediate.
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EU Goes Hard on Russian Stuff: Diamonds, Oil, and Shipping Overlords
Short Version: The European Council just slapped a bunch of new sanctions on Russia, making it harder to buy Russian diamonds, clamp down on oil price tricks, and keep a tighter eye on shipping tonnages. It’s all part of a new “twelfth package” that’s designed to hit the big stuff in Vladimir Putin’s economy.
What’s New?
- Diamonds: From big-box jewellery to industrial gems, everything that comes from Russia is now banned from import, sale, and transfer—both directly and via third countries. The ban kicks in on January 1, 2024.
- Oil Price Cap: The EU is tightening the rules around the oil price cap, with a new focus on info‑sharing to spot vessels that might be breaking the rules.
- Vessel Transparency: New notification rules mean any sale of a tanker to a third country has to be reported. That’s especially important for second‑hand carriers that might be used to dodge sanctions.
Why the Big Push?
The Council says they’re looking for a “further blow” to Russia’s high‑value sectors. The aim is to put a dent in the economic muscle that fuels the war in Ukraine.
Key Highlights
- Prohibition on diamonds from Russia—and any that pass through or get processed abroad.
- Stronger compliance rules for the oil price cap to stop circumvention.
- Mandatory reporting for tanker sales to keep everything in the clear.
In short, the EU is tightening the net: no Russian diamonds, tighter oil rules, and a fresh push for transparency in shipping. It’s all part of a broader effort to squeeze the Russian economy and support Ukraine.
