11th package of sanctions against Russia may include up to 100 people and companies

The EU intends to include up to 100 Russian individuals and legal entities in the 11th package of sanctions, reported from EUobserver.

Proposals for the 11th round of Russia sanctions, seen by EUobserver, include special new permits for financial transactions and legal services designed to help European companies to get out.

The EU has imposed an asset-freeze on more than 1,600 Russian individuals and entities since the war began.

The 11th round will add about 100 more names to the pile.

But under the new proposal, EU countries will now be allowed to authorize financial transfers to blacklisted Russians "after having determined that such funds or economic resources are necessary for the completion of transactions, including sales, which are strictly necessary for the wind-down, by 31 August 2023, of a joint venture or similar legal arrangement established in Russia with this natural person or an entity owned by this natural person before 28 February 2022".

The EU had also banned European law firms from providing commercial services to Russian clients.

But the 11th round proposal aims to relax that as well in order to help disentangle related EU-Russian joint interests inside Europe.

"Competent authorities of the member states may authorize until 31 December 2023 the provision of legal services which are mandatory ... for such divestments to be completed, such as notary services," the proposal said.





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