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), Gennady Timchenko (founder of Volga Group), Alisher Usmanov (one of Russia’s businessmen officials with close ties to President Putin), Mikhail Fridman and Petr Aven (all shareholders of Alfa Group), Vitaly Savelyev (Minister of Transport), and Olga Skabeyeva (the host of Russia’s most popular political talk-show).

The new regulation prohibits access to EU airports and the overflight of EU airspace by any aircraft operated by Russian air carriers, Russian registered aircrafts, or non-Russian-registered aircrafts that are owned or chartered, or otherwise controlled by any Russian natural or legal person, entity or body. The regulation provides an exemption for emergency overflights and landings, and licensing for humanitarian purposes.

In addition, the EU has prohibited transactions related to the management of reserves as well as of assets of the Central Bank of Russia, including transactions with any legal person, entity or body acting on behalf of, or at its direction. National authorities may grant licenses for transactions that are strictly necessary for the financial stability of the EU as a whole, or of the Member State concerned.

The regulations are all published in the EU’s Official Journal.