EU sets new priority for sanctions against Russia
Illustrative photo (Getty Images)
The EU's new focus in its sanctions efforts involves scrutinizing financial institutions that support the flow of military goods to Russia, as well as the flow of products manufactured in Southeast Asia by Western subsidiaries, according to EU Special Representative for Sanctions David O'Sullivan.
"A lot of the product going through China is made by subsidiaries of western companies in Southeast Asia," said the head of the EU sanctions committee during an event in Brussels.
The EU imposed stringent sanctions on Russia for its full-scale invasion of Ukraine in 2022.
"We are looking at which financial institutions are funding the shipments of battlefield products to Russia...The U.S. has done this to great effect. We are starting to collect the information and compare notes," O'Sullivan added.
On August 23, the United States expanded sanctions against Russia. The new package includes around 400 entities—Russian enterprises and companies from third countries (China, UAE, and others) operating in strategically important sectors for Russia and involved in sanction-bypassing schemes. The US also significantly tightened measures in the field of export controls.
The latest package had an immediate impact: several banks in Georgia and Kazakhstan suspended transfers through the Russian payment system Zolota Korona.
The EU has adopted 14 sanction packages against Russia. At the end of June, another package was approved, targeting Russian propagandists, actors, singers, and employees of Russian intelligence agencies such as the FSB.
