New sanctions against Russia will allow targeting third-country firms, people – Bloomberg

As Bloomberg reports, the 8th package adopted by member states this past week includes powers to list “natural or legal persons, entities or bodies” who facilitate the circumvention of EU sanctions. They could see their assets in the EU frozen and individuals banned from traveling into the EU.

The measures could apply to those who, for example, import banned Russian goods into the EU via a third country, obfuscating their true origin, or who export prohibited items to Moscow.

It could also potentially allow the bloc to sanction EU citizens who are helping others to dodge the restrictions, Bloomberg notes.

People and companies based in the EU would likely struggle to do business with any sanctioned entity or individual, adding an element of deterrence to the measure.

“We will be able to list individuals if they circumvent our sanctions,” European Commission President Ursula von der Leyen said. “If they buy goods in the European Union, bring them to third countries and then to Russia -- this would be a circumvention of our sanctions, and those individuals could be listed.”

In a separate move to beef up its powers, legislation is drafted to allow sanctioned assets to be seized. Current rules see assets frozen making it costly to manage them and difficult to use or dispose. The legal ability to seize assets could open the door to sanctioned assets being used to contribute to Ukraine’s postwar reconstruction.

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