Faroese Islands Impose Financial Sanctions Against Russia and Belarus in Solidarity with Global Efforts to Stop Ukraine Aggression

The Faroese Parliament has unanimously authorized the Government of the Faroe Islands to implement financial sanctions against Russia and Belarus in response to Moscow’s invasion of Ukraine. This move follows similar measures adopted by the European Union and like-minded nations aimed at compelling Russia to cease its aggression and withdraw its military forces from Ukrainian soil.

Sanctions Regime

The Faroese Government has condemned Russia’s armed attack on Ukraine and intends to align its sanctions regime with that of the EU and other partners. The sanctions will include:

• Port closures for Russian vessels, except for Russian fishing boats
• Restrictions on exports to Russia, including limited food products

Exemptions

The Government of the Faroe Islands has taken into account the potential long-term destabilizing consequences of a port closure for Russian fishing vessels and will therefore exempt them from these measures. This exemption is deemed essential for maintaining sustainable fisheries in the region.

Impact on Trade with Russia

The European Union has imposed restrictions on exports to Russia, including limited food products. In contrast, the Faroese Government has opted not to prohibit the export of fish products, citing the significant reduction in seafood shipments to Russia since the outbreak of war. March 2022 exports were only one-third of those recorded in 2021, illustrating the impact of global sanctions on Faroese trade with Russia.

Conclusion

The Faroe Islands’ decision to impose financial sanctions against Russia and Belarus demonstrates its commitment to international efforts to stop Ukraine aggression. The Government’s careful consideration of exemptions for Russian fishing vessels highlights the importance of maintaining sustainable fisheries in the region while also demonstrating solidarity with global partners.