On December 3, 2022, G7 members formally set the highly anticipated price cap on Russian oil at 60 USD per barrel. This price cap applies to crude oil, petroleum oils, and oils obtained from bituminous minerals which originate in or are exported from Russia. Below we summarize (1) some of the key aspects of the G7’s price cap, and (2) the measures taken to implement the price cap by the EU,US, UK, Japan and Canada.…
In a statement, the President of the European Commission, outlined what further sanctions the EU is currently proposing to introduce against Russia. The proposed package includes: The designation of nearly 200 people and entities, including the Russian armed forces and individual officers, defence industrial companies, members of the State Duma and Federation Council, ministers, governors and political parties.Sanctions against 3 additional Russian banks, including a full transaction ban on the Russian Regional Development Bank.Additional export…
The European Commission has put forward a proposal to harmonise criminal offences and penalties for the violation of EU sanctions. The proposal follows a decision by the Council which identified the violation of EU sanctions as an EU crime (see here for our previous blog post on this) and sets out common EU rules, which will make it easier to investigate, prosecute and punish violations of EU sanctions in all Member States alike. The main…
Criminalisation of EU sanctions violations The EU Council has unanimously decided to add the violation of restrictive measures to the list of ‘EU crimes’. See here for Council press release. Currently Member States have different definitions of what constitutes a violation of EU sanctions and what penalties should be applied in the event of a violation. The Decision by the Council means that eventually these issues will be harmonised across the EU. However, this will not…