EU and US further expand economic sanctions on Russia

On December 16, the EU approved its ninth round of economic sanctions targeting Russia for its illegal war against Ukraine. The assets of nearly 200 persons and firms have been ordered frozen and sanctions imposed on three new Russian banks. Restrictions on exports to Russia were further expanded to include various technology products and chemicals in order to restrict Russia’s military capabilities. Exports of drones to Russia via third countries is also restricted to prevent Russia from using third countries to evade sanctions. The EU has also decided to criminalise circumvention of sanctions.

The US this week also added to its sanction list (the Specially Designated Nationals or SDN list) the names of several new Russian individuals, banks and corporations. The newcomers included Vladimir Potanin, a main owner of base metal giant Norilsk Nickel. The sanctions do not extend to the Norilsk Nickel corporation.