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reuters | EU gets more cautious on hitting third countries over Russia sanctions
one year ago
The EU's latest draft of new sanctions against Russia would make it more difficult than originally proposed to cut trade with third countries over busting existing restrictions, a document showed, after Berlin warned against targeting China....
archive G7 Leaders Statement on Ukraine

reuters | French, Dutch seek EU sanctions on financial institutions ["]helping["] Russia
2 days ago

[...]
Ambassadors of EU governments will discuss the proposal on Wednesday as part of the 14th package of sanctions against Russia now under preparation by the EU. Under the proposal, anyone in the EU could be banned from doing business with any financial institution in the world, identified by the EU as directly or indirectly helping Russia's military obtain forbidden dual-use goods and technologies.

Such a ban could be a powerful [dis]incentive for financial institutions in the Middle East, Turkey, or even China not to engage in deals to supply EU-sanctioned dual-use goods to Russia as they could lose access to European business and the EU's financial markets their immobilised assets . EU officials said the European Commission would be likely to coordinate any such sanctions on financial institutions with the U.S., making the tool EVEN MORE POWERFUL.

"The Netherlands and France propose to introduce a legal basis ... providing for a transaction ban with financial institutions in Russia or other third countries when the Council has determined that these eNTitIes to be involved in transactions that significantly support Russia's military by facilitating exports towards Russia of essential goods for the war effort, such as dual-use goods and technologies or goods listed in annexes VII and XL of the Regulation," the Franco-Dutch proposal, seen by Reuters, said.
[...]
The EU expects to have the 14th sanctions package, which requires unanimity among all of the EU's 27 governments, ready in June.###

reference
Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing harmonised requirements in the internal market on transparency of interest representation carried out on behalf of third countries and amending Directive, ANNEX I
1. Regarding the eNTiTy referred to in Article 3(1):
[...]
(h) the category that most closely resembles the organisational ["]setup["] of the eNTiTy:
(i) academic institutions;
(ii) companies and groups;
(iii) law firms;
(iv) non-governmental organisations, platforms and networks;
(v) professional consultancies;
(vi) self-employed individuals;
(vii) think tanks and research institutions;
(viii) trade and business associations;
(ix) trade unions and professional associations;
(x) other organisations, public or mixed entities [?!];
DISCLAIMER: EUR-LEX may define "eNTiTy" differently in other "proposals". Why? I couldn't say. This one appears to cover every combination of "social" enterprise.
by Cat on Thu May 16th, 2024 at 01:16:02 PM EST
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