European Union adopts 14th package of sanctions against Russia

(Patria) - The European Union has adopted the 14th package of sanctions against Russia for its war against Ukraine that began in February 2022, the European Council announced on Monday.

“The Council today adopted the 14th package of economic and individual restrictive measures that deliver a further blow to Vladimir Putin's regime and those who sustain his illegal, unprovoked and unjustified war of aggression against Ukraine,” the statement said.

As added, the sanctions will target high-value sectors of the Russian economy such as energy, finance and trade, and make it harder to circumvent EU sanctions.

The package includes restrictive measures against an additional 116 individuals and entities “responsible for actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine.”

The package bans all future investments and exports to LNG projects under construction in Russia.

The European Union has imposed a ban on European banks outside Russia from using the SPFS (System for Transfer of Financial Messages) financial messaging system, which is the Russian equivalent of SWIFT.