The European Union’s 11th sanctions package against Russia – key changes
On 23 June 2023, the European Union adopted and published its 11th package of sanctions against Russia and those supporting it in its illegal aggression against Ukraine. The new package further expands the trade and financial sanctions (Regulation 2023/1214 amending Regulation 833/2014) as well as the targeted sanctions (Regulation 2023/1215 amending Regulation 269/2014, and Implementing Regulation 2023/1216 adding new listed persons and entities). Sectors specifically affected are shipping, aviation, and steel. Through this new package, the European Union also widens the toolkit for addressing circumvention as well as reporting obligations for anyone needing to comply with EU sanctions.
Our Client Alert below dives deeper into the topic.
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