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EU Sanctions

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On 21 July 2022 the EU Council adopted further Russia sanctions, including its “maintenance and alignment” sanctions package. The new Regulations/Council Decisions that introduce these sanctions can be found here and here. In summary, the new sanctions package (the “seventh sanctions package”) includes: A new prohibition to purchase, import, or transfer, directly or indirectly, gold, if it originates in Russia and it has been exported from Russia into the EU or to any third country. This…

On 30 June 2022, Polish government issued a note outlining amendments to the Polish Act of 13 April 2022 on special measures relative to counteracting the support for the aggression against Ukraine and relative to national security protection (“Polish Sanctions Regulation”). See here for our previous blog on the Polish Sanctions Regulation. The main changes to be introduced are: a) the institution of a temporary administrator for entities targeted by Polish national sanctions (“sanctioned entities”),…

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…

In a statement made on the 5th of April, Ursula von der Leyen, the President of the EU Commission outlined EU proposals for additional sanctions against Russia. The new measures will include: An import ban on coal from Russia, worth EUR 4 billion per year.A full transaction ban on four key Russian banks. The President of the EU Commission mentioned that VTB, the second largest Russian bank, will be one of the four banks.A ban…