On 3rd of June 2022, the Council decided to impose a sixth package of economic and individual sanctions targeting both Russia and Belarus. Relevant legislation implementing the sixth package of sanctions can be found here. The new sanctions ban the import of Russian oil into the EU, they cut off more of the key Russian banks from the international payment system SWIFT, they sanction additional parties and they ban more disinformation actors actively contributing to…
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…
On 2 March 2022, the EU significantly expanded its sanctions against Belarus, in response to Belarus’ role in the ongoing crisis in Ukraine. Belarus was already subject to significant EU sanctions targeting its financial, dual-use, military, tobacco, petroleum and potash sectors, many of which were imposed following the Belarusian Government’s response to civil unrest following the 2021 election (see our previous post here). Many of the changes are in line with sanctions imposed against Russia…
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…