Emergency Contact IG Circular: EU adopts 14th sanctions package against Russia Home Latest updates News IG Circular: EU adopts 14th sanctions package against Russia 5 Jul 2024 View PDF Sign up for alerts Trade involving Russia is subject to significant legal restrictions. Members are reminded that cover is not available for any trade that breaches applicable sanctions. Members are advised to conduct thorough due diligence throughout the trade chain on the parties, cargoes, vessels, and other service providers that are or may be involved before they engage in any trade with a high sanctions risk. Finally, Members are reminded to keep records of their due diligence investigations and findings.   On 24 June 2024 the EU Council adopted the 14th package of sanctions against Russia, which includes its first measures targeting Russia’s liquefied natural gas (LNG) sector, further export-related restrictions, sanctioning of vessels and new anti-circumvention measures, such as a requirement for EU companies to undertake best efforts to ensure that non-EU subsidiaries in third countries comply with EU sanctions. These measures are contained in (i) Council Regulation 2024/1745 which amends Regulation (EU) No. 833/2014 and (ii) Council Regulation 2024/1746 which amends Regulation (EU) No. 269/2014 . Restrictions on the LNG sector The EU has introduced its first restrictions on Russian LNG (i.e., which originates in Russia or has been exported from Russia) with the aim to prevent Russian LNG that is not consumed in the EU from entering the EU or being transported to third countries via EU ports.  It also introduces reporting obligations for entities “performing unloading operations” and imports into the EU of Russian LNG to the respective competent authority of the EU member state by 26 July 2024 and every month thereafter. The following restrictions now apply: Reloading services of Russian LNG within EU waters for the purpose of transhipment operations to third co