The EU closes sanctions circumvention schemes for russian federation

The new EU sanctions target people and companies from third countries that help russia circumvent existing restrictions.

The EU approved the eighth package of sanctions against russian federation last week. The new restrictions are aimed at people and companies that import prohibited russian goods to Europe through third countries, or illegally export goods to russian federation, Bloomberg reports.

The new package of sanctions will also apply to EU citizens who help russians to evade existing restrictions.

It is likely that people and companies in the EU will not be able to do business with any individual or legal entity under sanctions. So now an element of deterrence has been added to the measures.

Meanwhile, the European Commission is working on legislation that would allow the confiscation of sanctioned assets. The arrest will allow the assets to be used for the post-war reconstruction of Ukraine.