New package of E.U. economic sanctions against Russia comes into force

The European Union has enacted its 12th package of economic sanctions against Russia, in response to the ongoing Russian invasion in Ukraine. Key measures include a ban on importing, purchasing, and transferring both natural and synthetic diamonds from Russia, including diamond jewelry, effective January 1, 2024. From March 1 to September 1, 2024, the E.U. will gradually introduce a ban on the import of Russian diamonds processed in third countries, including jewelry with diamonds of Russian origin.

Additionally, E.U. exporters are now required to prohibit the re-export of “sensitive goods and technologies” to Russia when exporting to third countries. The sanctions also broaden restrictions on the import of certain goods, targeting products that significantly financially benefit Russia. However, there are exceptions for personal items and vehicles with diplomatic plates.