EU may add over 100 Russian companies & individuals to sanctions list

EU countries plan to help their companies withdraw from the Russian market amid the risk of being taxed to finance the war. About 100 more companies and individuals may fall into the 11th package of sanctions.

This is reported by RBC-Ukraine with reference to Euobserver.

The 11th package of sanctions may include new special permits for financial transactions and legal services designed to help European companies get out of Russia.

It is noted that the EU has imposed sanctions against 1,600 Russian individuals and entities since the start of the war.

At the same time, according to the new proposal, the EU may allow financial transfers to sanctioned Russians "after having determined that such funds or economic resources are necessary for the completion of transactions, including sales, which are strictly necessary for the wind-down, by 31 August 2023, of a joint venture or similar legal arrangement established in Russia with this natural person or an entity owned by this natural person before 28 February 2022”.

The European Union has also banned European law firms from providing commercial services to Russian clients. At the same time, the 11th sanctions package should loosen this ban to help untangle the linked common interests of the EU and Russia inside Europe.

"Competent authorities of the member states may authorise until 31 December 2023 the provision of legal services which are mandatory ... for such divestments to be completed, such as notary services," the proposal says.

Author – Anastasiya Glotova, 17/05/2023