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…
As separate measures, Australia has announced: a 35% additional tariff for products from Belarus and Russia; andnew luxury goods export sanctions for Russia. 35% additional tariff for goods from Russia or Belarus On 1 April 2022, the Notice of Intention to Propose Customs Tariff Alterations (No. 3) 2022 was published, outlining Australia’s intention to apply an additional 35% tariff on all imports from Russia, as well as Belarus. The tariff will be applied to “additional…
The Japanese government has imposed further sanctions on the Russian Federation and the Republic of Belarus. On 11 March 2022, the government announced amendments to the Export Trade Control Order, which came into effect on 18 March 2022. The amendments ban the export of the following goods and products to the Russian Federation and Belarus: Controlled products, including machine tools, carbon fiber, high-performance semiconductors, etc. Goods reinforcing the military capabilities of the Russian Federation and…