EUobserver: With a new package of sanctions, the European Union will help European companies exit the Russian market

The European Union plans to help European companies leave the Russian market so that they do not finance a full-scale Russian war against Ukraine with their taxes.

The publication EUobserver got acquainted with proposals for 11 packages of sanctions against Russia, among which special permits for financial transactions and legal services are mentioned, which will help companies from the European Union to leave Russia "painlessly".

EU countries will be able to allow financial transfers to blacklisted Russians under a number of conditions, for example, if such money is needed to complete transactions. The same applies to legal services. The permits will be valid until the end of August 2023.

• Dozens of companies from the European Union remain on the Russian market. For example, the Estonian taxi company Bolt, one of the largest banks in Europe Raiffeisen Bank International, Deutsche Bank, the Austrian manufacturer of energy drinks Red Bull, the manufacturer of cosmetics Clarins, the German engineering firm Bosch, etc.
• Earlier, The Financial Times wrote that more than 40 Western banks cannot leave the Russian market on acceptable terms due to the decree of Russian President Putin. It stipulates that any agreements on the sale or purchase of banks require the approval of the authorities.
• At the same time, the Austrian banking group Raiffeisen Bank International announced that it will deal with the possible sale or separation of its Russian business. There, they undertook to reduce activity in Russia.
• The eleventh package of sanctions against Russia aims to eliminate sanctions loopholes. Also in it, the European Commission proposes to prohibit ships trying to circumvent sanctions on Russian oil from entering European ports, and to punish those involved in the export of cultural values from the temporarily occupied territories of Ukraine.
• At the same time, the EC wants to stop the export of technologies from eight Chinese companies, suspecting that they are selling them to Russia. This list also includes companies from Armenia, Iran, Uzbekistan and the United Arab Emirates.
• In early April, the Ukrainian president and the head of the European Commission discussed the implementation of the next, 11th package of sanctions against the Russian Federation. Subsequently, the EU Commissioner for Financial Affairs announced that new restrictive measures are ready. McGuinness said that Brussels will not only introduce additional sanctions against Moscow, but will also try to ensure effective enforcement of the sanctions to make it more difficult for individuals and legal entities to circumvent them.