The 14th package of sanctions against Russian Federation was issued by the European Commission on 24/06/2024. With the new package of sanctions, the Council has imposed restrictive measures on an additional 69 individuals and 47 entities responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.
The 14th package amends the framework relating to asset freeze measures under Council Regulation (EU) No 269/2014 (“Regulation 269/2014”) and reinforces sectoral sanctions targeting Russia under Council Regulation (EU) No 833/2014 (“Regulation 833/2014”).
Some of the key objectives of the new sanctions include establishing several additional asset freeze measures, introducing two new derogation grounds for transfer of funds or payments through asset freeze targets, fighting circumvention through increased liability and compliance requirements, and enforcing ‘best-efforts’ requirements for non-EU subsidiaries to ensure that they do not undermine the issued sanctions.
