EU preparing 14th package of sanctions against Russia

That's according to European Commission Executive Vice President Valdis Dombrovskis, Ukrinform reports, citing Radio Free Europe/Radio Liberty.

"We have started preparing a 14th sanctions package, which should be adopted in spring. It is likely to include an extensive list of restrictive measures with a strong anti-circumvention angle – in the maritime sector, for example, as Russia continues to try and violate the price cap for its oil exports," Dombrovskis said.

According to him, the EU is also looking how to stop sanctions circumvention via western subsidiaries operating in countries outside Europe.

"From the EU perspective, EU parent companies that retain influence over the business operations of their overseas subsidiaries can incur responsibility for operations undertaken by those subsidiaries," Dombrovskis said.

He admitted that sanctions against Russia could be working even more effectively.

He noted that for a number of reasons, their short-term impact has been less pronounced than expected, but they are having a clear and material impact on Russia's economy and foreign revenues.

"At the same time, it has to be admitted that in general, Russia has managed to set up new trade routes relatively quickly. It has increased trade with countries that do not impose sanctions – such as China, India, some Middle East countries and some others. While direct exports to Russia from the EU and other sanctioning countries have declined, some exports of sanctioned goods have reached Russia via certain non-EU countries and via subsidiaries of European companies that operate outside the EU," Dombrovskis said.

The EU approved the 13th package of sanctions against Russia ahead of the anniversary of its full-scale invasion of Ukraine. The package sanctioned 106 individuals and 88 legal entities responsible for undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.

The priority for these sanctions were Russia's military and defense industries and those involved in the supply of missiles there from North Korea, as well as those responsible for the deportation and military "re-education" of Ukrainian children.