Norway introduces new sanctions against Russia

Norway introduces new sanctions against Russia
Norway introduces new sanctions against Russia. Image: OnePixelStudio/

Norway has introduced a new round of sanctions against Russia’s President Vladimir Putin and his Russian regime which take effect today, Friday, October 28.

“Norway again stands with the EU on the sanctions against Russia, in order to maintain the pressure on the country’s government and supporters,” the country’s Foreign Minister Anniken Huitfeldt said.

“The extended sanctions are a necessary reaction to Russia’s brutal warfare and the illegal annexation of regions in Ukraine.”

The Norwegian government said: “The historically extensive sanctions are intended to reduce Russia’s ability to finance the war in Ukraine, which violates international law.

“The new sanctions package goes further in introducing restrictions on products and services that are important to Russia.

“It also contains targeted sanctions against people who were involved in the so-called referendums in occupied Ukrainian regions.”

Huitfeldt added: “The sanctions are becoming increasingly comprehensive, and are a strong and clear European reaction to Russia’s actions in Ukraine.

“The opportunities for conducting trade with Russia are now severely limited and involve high risk.”

Sanctions against Russia

  • A further 30 people and seven entities are listed, including several actors involved in the so-called referendums in occupied Ukrainian regions. The listings have already been implemented in Norwegian law. In total, over 1,260 people and 115 entities are now listed.
  • It is opened to list persons and entities that facilitate violations of the prohibition against circumventing the sanctions.
  • Parts of the sanctions are extended to apply to the non-government-controlled areas of Kherson and Zaporizhzhya counties.
  • A ban is introduced on holding managerial positions in certain companies that are owned or controlled by the Russian state.
  • Additional restrictions are introduced on providing services for cryptoassets to Russian citizens, persons residing in Russia or entities established in Russia.
  • New export restrictions are being introduced relating to coal, electronic components, technical items in the aviation sector, certain chemicals and firearms.
  • New import restrictions are introduced relating to steel products, machinery and appliances, plastics, vehicles, textiles, footwear, leather, ceramics, certain chemical products and jewelery that is not made of gold.
  • The port ban is extended to apply to vessels certified by the Russian Maritime Ship Register. The exception for fishing vessels calling at Tromsø, Kirkenes or Båtsfjord will continue.
  • Further restrictions are introduced on providing several types of services, including architectural and engineering services, legal advisory services and IT consultancy services.
  • A legal basis is being introduced for the implementation of a possible future price cap on Russian oil.

Thank you for taking the time to read this article, do remember to come back and check out the EuroNews247 website for all your up-to-date European news stories.