European Union member states definitively adopted the ninth sanctions package against Russia on Friday due to its aggression against Ukraine, and the company SBK ART, which owns over 43 percent of Fortenova, has been included on the sanctions list.
This company, whose majority owner is the largest Russian bank Sberbank, was added to the sanctions list at the proposal of Croatia.
In the justification for the introduction of sanctions, which involve the freezing of assets in the EU, it states that SBK ART was established to transfer Sberbank’s stake in Fortenova.
Sberbank has retained control over SBK ART even though its owner has reportedly become a businessman from the United Arab Emirates. In early November, Sberbank announced that it had sold its stake of just over 43 percent in Fortenova Group to Saif bin Marhan Alketbi. Fortenova subsequently announced that the sale was not conducted in accordance with European law.
Fortenova Group, based in Zagreb, was formed as a result of a creditors’ settlement in Agrokor, which ended up in pre-bankruptcy due to illiquidity and over-indebtedness.
The ninth sanctions package against Russia since the beginning of the attack on Ukraine includes, among other things, a ban on the export of all types of drones and unmanned aerial vehicles to Russia and third countries to which these aircraft could then be delivered. Drones have been supplied to Russia by Iran, among others.
An agreement was reached on Thursday evening by ambassadors of member states, and on Friday it was finally adopted through written procedure. The package also includes the addition of nearly 200 additional individuals and legal entities to the sanctions list, whose assets are frozen and travel to the EU is prohibited. Among them are the Russian armed forces, individual officers, defense companies, members of parliament, ministers, governors, and political parties.
Putin’s ATM
Sanctions have been imposed against three more Russian banks and a complete ban on transactions with the Russian Bank for Regional Development to further paralyze “Putin’s ATM.”
The export of dual-use products has also been restricted, including key chemicals, nerve agents, electronics, and IT components that could be used for the Russian war machine.
Additionally, a broadcasting ban has been introduced for four more Russian television stations, which the Russian authorities use to spread propaganda. Furthermore, the package includes additional economic sanctions against the Russian energy and mining sectors, including a ban on investments in Russian mining.
According to today’s decision, some individuals have been removed from the sanctions list. These are individuals who were on the list in previous packages but have now been removed because they play an important role in international trade in agricultural and food products. This aims to ensure unhindered trade in grains and fertilizers between Russia and third countries.
