Latest package of EU sanctions against Russia estimated at €2B a year - OP

Vladyslav Vlasiuk, Advisor to the Presidential Office (OP) on Sanctions, Secretary of the International Working Group on Russian Sanctions and Deputy Head of Task Force UA, said this in an interview with Ukrainian Radio, Ukrinform reports.

According to him, the package includes a ban on imports of LPG to the EU. "This is a very strong symbolic moment because some countries continued to buy and even increased imports. Now they will not be able to do so. In terms of oil, there are a number of provisions that will make it much more difficult for Russia to continue to violate the price cap. In terms of goods and technologies, the list of European goods prohibited for export to Russia is being expanded. Instead, restrictions are introduced on imports of Russian metals, alloys, etc. to the EU. The entire package is estimated at €2 billion a year," he stated.

Vlasiuk also reminded that the package includes a ban on imports of Russian diamonds for non-industrial purposes, including those processed in third countries. "This means that the cover-up of the Russian diamond industry begins," he said.

According to the OP advisor, some sanctions come into effect immediately: diamonds - from January 1 next year, trade - immediately, LPG - a phased ban over the course of a year.

At the same time, he pointed out, "it's not without a twist," as with the ban on imports of steel and some metal products to the EU, exceptions and quotas are simultaneously introduced that are close to the size of the imports that were there, and they will gradually decrease.

"In fact, we are talking about a lot of symbolism in the ban on Russian steel exports, but in reality it is very much mitigated by the gradual nature of the ban and the existence of quotas for quite a long time," Vlasiuk added.

Individual sanctions, approximately 140 items, mainly concern Russian companies involved in the military-industrial complex, officials responsible for the forced deportation of Ukrainian children, and the military. According to him, these are the main categories of individuals and legal entities included in the new round of EU sanctions.

The OP advisor also predicts that by the end of February 2024, "we will have large sanctions packages from all key partners."

"It is identical to what happened in 2023, when the 11th package was adopted. Gradually, the partner countries have reached a phenomenal synchronization. There are now about 40 countries in the sanctions coalition. Everyone communicates with each other, everyone tries to 'borrow' ideas for imposing sanctions restrictions from each other. Of course, the restrictions imposed by Canada and Japan, for example, will work differently. But the very idea of communication on the directions of further sanctions is present. The most important thing is synchronization on key sanctions," Vlasiuk emphasized.

As Ukrinform reported, the European Union adopted the 12th package of economic and individual sanctions against Russia on Monday, December 18.