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The European Union introduced a new package of sanctions on Russia: who and what has been targeted?

The seventh package of sanctions on Russia

The seventh package of sanctions on Russia

On July 21, the European Union approved the next (seventh) package of restrictive measures against Russia due to the war in Ukraine. The document was published in the Official Journal of the European Union.

The new package bans "the direct or indirect import, purchase, or transfer of gold, which constitutes Russia's most significant export after energy".

The prohibition applies to gold if it originates in Russia and has been exported from Russia.

The EU has expanded the list of goods under special control, "which might contribute to Russia’s military and technological enhancement, or the development of the defense and security sector". In addition, the prohibition to accept deposits has been extended to deposits from legal persons, entities or bodies established in third countries, which are predominantly controlled by Russian nationals or by natural persons residing in Russia.

Who was hit by new anti-Russian sanctions from the EU?

The sanctions have targeted 57 natural and legal persons including Moscow mayor Sergey Sobyanin, head of State Corporation Rostec Sergey Chemezov, and actors Sergey Bezrukov and Vladimir Mashkov.

The measures also affected other Russian politicians, security personnel, and military leaders. Restrictive measures were also imposed on several family members of businessmen targeted by sanctions.

Sberbank and eight more entities are also on the sanctions list.

Those entities besides Sberbank are FORSS shipbuilding group of companies,a company in the aerospace industry Kvant, and Avlita stevedoring company.

Other entities on the list are the All-Russia "Young Army" Military Patriotic Social Movement, the Russkiy Mir Foundation, an organization promoting the Russian language and culture, the Alexander Gorchakov Public Diplomacy Fund, and the Nightwolves motorcycle club.

The entities and individuals on the sanctions list are subjected to travel ban and asset freeze.

What was exempted from the sanctions?

In order to ensure food and energy security around the world, the European Union exempted from the prohibition transactions with state-owned entities as regards Russian agricultural products and the supply of oil and petroleum products to third countries.

The Union also does not prevent third countries from purchasing pharmaceutical or medical products from Russia.

However, the EU declined the proposition to impose sanctions on the Russian titanium-producing corporation VSMPO-AVISMA. Earlier, France and several other countries opposed the sanctions for fear of Russia banning exports of titanium in response.

Avisma is the main titanium supplier for Airbus, the biggest airplane manufacturer in the world.

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