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Olof Konig

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On 9 March 2022, the EU announced the imposition of further sanctions against Russia and Belarus. In addition to the introduction of new restrictions (see below), the EU press release notes that the relevant amendments aim to create a closer alignment between sanctions in place against Russia and Belarus, so as to prevent circumvention of these sanctions. Russia Regulation (EU) 2022/394 (amending Regulation (EU) 833/2014) among others include the following amendments: Introduction of new product…

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),…

In light of the further escalation of the Russia-Ukraine conflict, the EU agreed on Friday, 25 February, on a second wave of sanctions targeting broad areas of the Russian economy and other high profile political and military leaders in Russia and Belarus. In brief, the new restrictions include: designations of Russian and Belarusian individuals;wide-ranging restrictions on trade in goods and associated services, including dual-use and various other items, and goods for the oil refining, aviation…