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EU Sanctions

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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…

The EU introduced, on 15 March 2022, a number of additional sanctions measures including in particular on the direct or indirect import of certain iron and steel products if they originate in or have been exported from Russia. Full details of the sanctioned iron and steel items are set in Annex XVII to the applicable amending regulations (being Council Regulation (EU) 2022/248, available here). It is estimated, in accordance with the European Commission’s (“EC”)…

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…