The EU Is Not Discussing Sanctions Easing with the US
The European Union is not engaged in any negotiations with the United States regarding possible sanctions relief for Russia — even in the context of a potential ceasefire. This was stated by David O’Sullivan, the EU’s Chief Sanctions Coordinator. According to Bloomberg, most European leaders currently rule out the possibility of easing sanctions against Russia unless Moscow withdraws its troops from the occupied territories of Ukraine.
Spain Approves Criminal Liability for Sanctions Violations
The Council of Ministers of Spain has approved a draft law at the first stage of voting that introduces criminal liability for violating EU sanctions. For individuals — between two and six years of imprisonment and fines with the possibility of asset confiscation; for legal entities — fines of up to 5% of the company’s global turnover for the financial year.
The draft law also provides for the creation of a joint coordination committee that will monitor the enforcement of EU restrictive measures.
Foreign Hedge Funds Return to Russia Despite Sanctions
Russia’s Ministry of Finance reported a return of foreign capital through so-called “cowboy money” — high-risk investments by hedge funds. These funds are entering Russia through jurisdictions friendly to the Kremlin. Despite sanctions, the capital is being used to purchase Russian government bonds.
Payments Between Russia and China Are Delayed Up to 6 Months
The threat of secondary sanctions is deterring Chinese banks from cooperating with Russia. As a result, most companies work only with a single Russian bank that has a Chinese branch — VTB. The bank cannot handle the workload, and some companies are waiting up to six months just to open an account, Reuters reports.
Alternative payment methods remain available: companies may work with subsidiaries of smaller Chinese banks operating in Russia. However, these institutions fear secondary US sanctions and are significantly more meticulous in verifying documentation.
The US Is Preparing New Sanctions Against Russia If It Does Not Cease Fire
Speaking in Brussels following a two-day NATO ministers’ meeting, Rubio said that the United States is losing patience with the “talks about negotiations” and hinted that Russia could face further American sanctions, The New York Times reports.
“We’ll know fairly soon — in a matter of weeks, not months — whether Russia is serious about peace or not,” he told reporters. According to him, the US Congress is already working on legislation that would increase sanctions pressure on Russia if it does not change its stance.
More news is available in the Monitoring of the Russian Information Landscape by the Economic Security Council of Ukraine attached below.
