On 8 April 2022, the EU adopted a fifth package of sanctions which introduced new sectoral measures targeting the Russian and Belarusian economies. As part of the package, the EU also imposed restrictive measures on four key Russian banks, prominent oligarchs, business people and high-ranking Kremlin officials, as well as family members of already sanctioned individuals. The new Regulations and Council Decisions that introduce the new sanctions can be found here and here. We…
On 15 March, the EU introduced further sectoral measures targeting the Russian economy. The new measures were announced after informal meetings took place between the EU heads of state and the G7 countries’ leaders. The new sectoral restrictions pertain, inter alia, to the following: transactions with certain state-owned enterprises;provision of credit rating services;new investment in the Russian energy sector;export of equipment, technology and services for the energy industry;import of iron and steel; andexport of luxury…
On March 2, 2022 the EU introduced new sanctions entailing, inter alia, the disconnection of certain Russian banks from SWIFT. As of March 12, 2022, the following banks will be cut-off from SWIFT: Bank OtkritieNovikombankPromsvyazbankBank RossiyaSovcombankVNESHECONOMBANK (VEB)VTB BANK In addition, the new EU Regulation prohibits the sale, supply, transfer or export (“Supply”) of euro denominated banknotes to Russia or to any natural or legal person, entity or body in Russia, including the government and the…
On Monday 28 February, the EU further designated 26 persons and 1 entity and introduced new restrictions relating to aviation and the Central Bank of Russia, in response to the ongoing conflict in Ukraine. The new designations include individuals connected to the oil, banking and finance sectors, as well as members of the Russian government, military and media. Of particular note are the inclusions of Igor Sechin (CEO of Rosneft), Nikolay Tokarev (CEO of Transneft),…