The EU’s sixth package of sanctions will also introduce export sanctions for chemical products

The has imposed extensive sanctions on and over Ukraine’s invasion. As an enforcement authority, is responsible for enforcing import and export sanctions agreed at EU level.

The new sanctions ban the import of crude oil and petroleum products from Russia into the EU, with the exception of crude oil supplied through pipelines. In the case of Finland, the sanctions will be fully implemented as crude oil and petroleum products arrive in Finland by and rail. Sanctions on crude oil will take effect after a six-month transition period. Sanctions on petroleum products will take effect after an eight-month transition period.

– The volume of crude oil and petroleum products imported from Russia to Finland has decreased. However, measured by the value of imports, sanctions are significant, with a total value of almost € 1.2 billion in the first quarter. We will also implement the new import sanctions as part of our normal customs control , says Mr Sami RakshitDirector of the Executive Department.

Export sanctions in the chemical industry were aimed at reducing the opportunities for the development of technology

The sixth package of sanctions will cover even more products that Russia could potentially use to improve its military capabilities and technology. These include certain chemical products that are subject to an export ban and all forms of delivery to Russia.

Last year, more than € 18 million worth of such sanctioned products were exported. The products contain raw materials for the chemical industry, which are needed for the manufacture of explosives, plastics, and metals, among others. They also include various solvents as well as materials used in the pharmaceutical and rubber . Exports of these products in January-March this year amounted to about five million euros.

– We estimate that export sanctions on chemical products apply to about 70 companies. On an annual basis, there is talk of exports worth around EUR 20 million, perhaps even more, because the intended use of some products determines whether or not they are subject to sanctions. In cases that require interpretation, we will contact the Ministry of Foreign Affairs for an opinion, as we strongly emphasize the fastest and most practical implementation of sanctions jointly agreed at EU level, says Sami Rakshit.

The new sanctions package also expanded the list of sanctions against individuals and operators in both Russia and Belarus.

The sixth package of sanctions was published in the Official Journal of the European Union on 3 June 2022.

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Source: The Nordic Page

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