EU approves eighth sanctions package against Russia

The European Union has given its final approval to a new package of sanctions against Russia, including a price cap on the maritime trade of Russian oil. The eighth’s sanctions package further extends the list of restricted items which might contribute to the Russian Federation’s military and technological enhancement including a ban on imports from Russia of steel and steel products, imports of wood pulp and paper, imports of machinery and appliances not yet covered by existing sanctions, and imports of intermediate chemicals, plastics, and cigarettes. The sanctions also ban the export of EU goods used in aviation, such as tires and brakes, and extend a ban on the export of electric components, including certain semiconductors and less sophisticated components than those already banned.