The Council of the European Union adopted the 12th package of economic and individual restrictive measures in connection with the continuation of russian aggression against Ukraine. The new package included, in particular, sanctions against russian diamonds, increased restrictions on the export of technologies and goods used by the russian military-industrial complex, additional restrictions on the import of goods that bring significant income to russia, measures designed to minimize the ability of the aggressor state to circumvent PriceCap for petroleum and its products, etc.

"We thank our European partners for the decision, which this time is directed against such extremely sensitive and important areas for the aggressor as the military-industrial complex, trade in oil, liquefied gas, and other goods, the export of which brings significant income to russia. Of course, it is critically important for us to limit as much as possible the aggressor’s ability to obtain goods and technologies used for military purposes. Another key objective is to limit russia's economic ability to wage war. The 12th package of sanctions is an important step towards solving these problems," noted Yuliia Svyrydenko, First Vice-Prime Minister of Ukraine, Minister of Economy of Ukraine.

The 12th package of EU sanctions included, in particular, the following restrictions:

• A ban on direct or indirect import, purchase or transportation of diamonds from russia (diamonds originating in the russian federation, including those processed in third countries, diamonds exported from russia or transiting through an aggressor country). A direct ban on russian diamonds will take effect from 01 January 2024; on russian diamonds processed in third countries, it will be gradually introduced until 01 September 2024.
• Introduction in export contracts of a ban on re-export to russia or re-export for use in russia of particularly sensitive goods and technologies. We are talking about goods and technologies that the aggressor state uses to produce weapons and found on the territory of Ukraine in russian weapons. In addition, the list of prohibited goods that can contribute to the technological improvement of the russian military-industrial complex and the list of companies (including from third countries) cooperating with the russian military-industrial complex have been expanded. Transit through the russian federation of any military goods exported from the EU to third countries is prohibited.
• Additional restrictions on the import of cast and spiegel iron, copper and aluminum wire, foil, and other goods with a total value of 2.2 billion euros per year, as well as a new ban on the import of liquefied propane (LPG) with a 12-month transition period. The EU decision also adds Switzerland to the list of partner countries applying a set of restrictive measures on imports of cast iron and steel from russia, and a set of import control measures almost equivalent to those applied in the EU.
• To strengthen control over the implementation of sanctions and prevent their circumvention, the EU prohibits russian citizens from owning, controlling or holding any positions in the governing bodies of legal entities that provide cryptocurrency services to russians. The EU is also introducing a requirement to notify the transfer of funds outside the EU by any legal entity established in the EU that is owned or controlled by a legal entity established in russia or by a russian citizen or individual resident in russia.
• As part of strengthening control over the implementation of the PriceCap for oil, in particular, rules for notification of the sale of tankers to any third country are being introduced and information exchange mechanisms are being strengthened.