Faroe Islands Unanimously Passes Sanctions Bill Against Russia and Belarus Amid Ukraine Conflict

The Faroe Islands parliament has passed a bill authorizing financial sanctions against Russia and Belarus in response to their armed attacks on Ukraine. This move comes as the country condemns Russia’s aggression and seeks to comply with international efforts to compel Russia to cease its military actions and withdraw its forces from Ukraine.

Legal Framework for Sanctions

As the Faroe Islands are not part of the European Union, EU-imposed sanctions do not apply to the country by law. However, the new bill provides a legal framework for the Faroes to implement their own sanctions, which will be similar in scope to those implemented by the EU and other “likeminded partners”.

Sanctions Details

Under the new sanctions:

• Russian vessels will be prohibited from entering Faroese ports, except for fishing boats.
• The exception for fishing boats is due to the long-standing cooperation between the Faroe Islands and Russia on fisheries management in the North Atlantic. Joint fishery management efforts are crucial for maintaining sustainable fish stocks, which represent some of the largest fisheries by volume globally.

Impact on Trade

The sanctions may have a limited impact on trade between the two countries, as the Faroes have already reduced their exports to Russia significantly since the beginning of the conflict. In fact, seafood product exports to Russia in March 2022 were only one-third of what they were in 2021.

Port Closures for Fishing Vessels

The government emphasized that it takes into account the potential long-term destabilizing consequences of a port closure for Russian fishing vessels on joint fishery management efforts. As such, port closures will not apply to Russian fishing vessels.

Commitment to International Norms and Support for Like-Minded Partners

The passage of this bill marks another significant step by the Faroe Islands in its response to the Ukraine conflict, demonstrating its commitment to upholding international norms and supporting like-minded partners in their efforts to address Russia’s aggression.