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18 Sep 2023

EU approves new package of sanctions targeting circumvention despite attempts by Greece & Hungary to block it over inclusion of their cos. in Ukrainian intl. war sponsors list

On 23 June 2023, EU approved the 11th sanctions package against Russia that aims to stop other countries and companies from circumventing existing measures against Russia. The deal had been held up since April by objections from Greece and Hungary over the inclusion of their companies in the list of international war sponsors composed and managed by Ukraine. The companies were added to the list because they continued business relations with Russia or contributed to the war effort in other ways. Media called this protest a political leverage to get Greek and Hungarian companies off Ukraine’s list.

Ukraine agreed to remove five Greek shipping companies (Dynacom Tankers Management (DTM); Delta Tankers LTD; Thenamaris Ships Management Inc.; Minerva Marine; TMC Tankers LTD) from the list securing Greece's support for the package. Hungary backed the new sanctions, but said that it would return to the issue when the EU discusses a new tranche of money for Ukraine from the European Peace Facility.

The 11th sanctions package was adopted in late June.

In August, Ukraine restored the status of five Greek shipping companies as international war sponsors because they failed to fulfill the conditions agreed during the negotiations regarding their exclusion from the list (to stop the practice of turning off transponders; to stop the practice of transshipment of cargo from board to board and to publicly condemn Russian aggression).