New Russia sanction package to put more responsibility on EU firms – Lithuanian official

  • 2023-12-07
  • BNS/TBT Staff

VILNIUS – The European Union's 12th package of sanctions against Russia will likely make EU companies responsible for the movement of their goods and oblige some of them to control their financial flows outside the bloc, Lithuanian Deputy Foreign Minister Jovita Neliupsiene said on Thursday.  

"The 12th sanctions package will actually have a bigger impact on businesses, despite the sanctions being targeted at Russia. There will be an obligation to tighten responsibility throughout the whole trade chain," Neliupsiene said at the Sanctions Management Forum in Vilnius. 

"Contracts will have to contain requirements, where the buyer will commit not to sell or export sanctioned goods to Russia and to demand certain guarantees," she said. 

The 12th package will include restrictions on high-tech and information technology services, and the laser industry, according to Neliupsiene.  

The official said that the package will tighten the control of financial flows of EU-based companies controlled by Russian-linked persons outside the bloc. 

"Authorization for the transfer of funds outside the European Union will be required for EU companies owned by Russian entities or controlled by Russian persons," she said.  

The vice-minister underlined that Russia's growing GDP does not mean that international sanctions have no impact on the country's economy.