15th June 2024 – 21st June 2024
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LOCAL NEWS
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INTERNATIONAL NEWS
1. EU approves 14th Russia sanctions package, includes first-ever LNG sector measures
On Thursday, 20th June 2024, European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, targeting for the first time supplies of liquefied natural gas (LNG), which several member states continue to buy.
The package is the result of prolonged negotiations among ambassadors, who spent weeks examining technical details. The approval was delayed several times over the reservations voiced by several countries.
“This package provides new targeted measures and maximises the impact of existing sanctions by closing loopholes,” the Belgian EU presidency said about the agreement.
Furthermore, European Commission President Ursula von der Leyen stated “This hard-hitting package will further deny Russia access to key technologies”.
“It will strip Russia of further energy revenues and tackle Putin’s shadow fleet and shadow banking network abroad,” she added.
The LNG sanctions fall short of an all-out import ban like EU previously did with coal and seaborne oil, since EU companies will still be allowed to purchase Russian LNG but will be prohibited from re-exporting it to other countries, a practice known as trans-shipment.
Additionally, member states agreed on stricter measures to crack down on circumvention and loopholes left open in the 13 previous packages of sanctions.
As can be seen in the statements of the Belgian Presidency and Ms. von der Leyen, some of these measures are directed at the "shadow fleet" of tankers that the Kremlin employs to bypass the G7 price cap on Russian seaborne oil.
Other restrictions address the use of subsidiaries from EU companies located outside the bloc that are being exploited to re-direct prohibited goods towards Moscow.
According to diplomats, the 14th round also includes "remedies" to allow European firms to claim compensation for the damages inflicted by Russian retaliation.
The sanctions will enter into force after their publication in the EU Official Journal, which is expected to happen early next week.
Our Union will examine in close cooperation with the Cyprus Authorities and ECSA, the effect and consequences of those measures on European Shipping and their implementation on a National level.
Related Articles:
Reuters 20/06 – EU sanctions target Russian gas for the first time, diplomats say
Euronews 20/06 - EU agrees new sanctions on Russia, targeting LNG for the first time
Euractiv 20/06 – EU approves 14th Russia sanctions package, includes first-ever LNG sector measures
AA 20/06 – EU agrees on 14th package of sanctions on Russia
Politico 20/06 – EU approves first-ever sanctions on Russian gas
Al Jazeera 20/06 – EU targets LNG sector in new sanctions against Russia
Yahoo 20/06 – EU countries agree to new Russian sanctions package
Attachment 1:Tradewinds 21/06 – EU ban on LNG transshipments tipped to create fresh transfer hotspots
2. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 2: US Treasury Report for week 15/06/2024 – 21/06/2024
3. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 3: Worldwide Threat to Shipping (WTS) Report, for the period between 22/05/2024 – 19/06/2024
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