On Wednesday February 19th 2025, European Union ambassadors reached an agreement on the EU's 16th package of sanctions against Russia. The new measures include a ban on primary aluminum imports, restrictions on exporting chemicals, chrome, and other materials essential for precision machine tools, as well as prohibitions on servicing oil and gas refineries.
Additionally, the sanctions package introduces new listings targeting Russia's "shadow fleet"— which includes vessels suspected of evading sanctions and engaging in illicit activities such as espionage and sabotage.
The package is set to be formally approved by EU ministers at a scheduled meeting on Monday February 24th, coinciding with the three-year anniversary of Russia's full-scale invasion of Ukraine.
This latest package of sanctions underscores the EU's continued efforts to curb sanctions evasion and sustain economic pressure on Russia's critical industries, aiming to weaken its capacity to sustain its invasion of Ukraine.
MK Compliance Limited can provide daily/weekly/monthly updates on sanctions, and AML regulatory developments. These updates ensure that you are kept informed about the latest regulatory changes, therefore ensuring comprehensive compliance.
In addition, we provide sanctions-related consulting services, including legal opinions, transaction reviews, screenings and background checks on your clients and related individuals/entities/counterparties, to ensure your business operations remain fully compliant with all applicable sanctions, mitigating the risk of breaches.
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