EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – AN OVERVIEW (Post 1)

Following is part 1 of a series of posts we will be publishing over the coming days and weeks on current European Union sanctions against the Russian Federation.

An Overview

Since March 2014 following Russia’s occupation of Crimea and parts or Donetsk and Luhansk oblasts (administrative districts) of Ukraine, the European Union has imposed a number of restrictive measures against the Russian Federation. Measures include financial, economic, and trade restrictions against Russian legal entities and individuals. The sanctions regime came into effect upon the publication of the Council Regulation (EU) No 269/2014 of 17 March 2014, followed by the Council Regulation (EU) No 833/2014 of 31 July 2014.

After 24 February 2022, in response to renewed and increased Russian military aggression against Ukraine, the EU has expanded its restrictive measures to cover a broader scope of economic sectors and individuals. Under the Council Regulation (EC) No 765/2006 it has also extended sanctions against Belarus following its support of Russia and its actions.

As of June 2022, the European Union has adopted six sanction packages. Following is the beginning of a series of posts with more details.

First Sanctions Package (23 February 2022)

  • targeted sanctions against 351 members of the Russian State Duma (parliament) and 27 high-profile individuals and entities,
  • restrictions on business relations with the non-government-controlled areas of the Donetsk and Luhansk oblasts, including an import-export ban on certain goods, investments, and tourism services,
  • prohibition to finance the Russian Federation, its government, and Central Bank

Second Sanctions Package (25 February 2022)

  • sanctions of individuals including the Russian President, the Russian Minister of Foreign Affairs, members of the Russian National Security Council and Belarussian officials, who have facilitated military aggression,
  • prohibition to sell, supply, transfer, or export specific goods and technologies related to Russian oil refinement,
  • ban on EU trading platforms concerning the listing and provision of services with regard to shares of Russian state-owned entities,
  • prohibition to accept deposits exceeding certain values from Russian residents, to sell euro-denominated securities to Russian clients, and for the EU Central Securities Depositories to hold Russian client accounts,
  • export ban and a ban to provide insurance and reinsurance of goods and technology in the Russian aviation and space industry sectors,
  • export ban to provide Russia with dual-use goods and technology, which can be used in the defense and security sector.

Further information about EU restrictive measures regarding Russia can be found in subsequent posts.

Post 2: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – MARCH 2022 DEVELOPMENTS

Post 3: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – APRIL & JUNE 2022

Our series of articles on EU restrictive measures are provided for information purposes only and do not constitute legal advice. For professional advice tailored to your particular case, please contact us at: .