EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – APRIL & JUNE 2022 DEVELOPMENTS (Post 3)

Following is part 3 of our series on current European Union sanctions against the Russian Federation.

See also Post 1:  EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – AN OVERVIEW
Post 2:  EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – MARCH 2022 

An Overview of the April and June 2022 Sanction Measures

The European Union has recently implemented further substantial restrictions against the Russian Federation, which include energy, financial, and economic measures as a response to its military aggression against Ukraine. More detailed information on the third and the fourth package of sanctions is given below.

Fifth Sanctions Package (8 April 2022)

  • banned imports of all forms of Russian coal
  • restricted transactions with four Russian banks, prohibited high-value crypto-asset services and trust services to Russia
  • prohibited the export of products related to the quantum computing, advanced semiconductors, sensitive machinery, transportation, and chemical sectors
  • banned the import of products such as cement, rubber, wood, spirits (including vodka), liquor, high-end seafood (including caviar), in addition to an anti-circumvention measure against the import of potash from Belarus
  • prohibited Russian individuals and companies from procuring contracts in the EU
  • banned entry of Russian-flagged vessels to EU ports, and prohibited Russian work in the EU for freight road operators with some exceptions
  • targeted measures against 217 Russian individuals and 18 companies

Sixth Sanctions Package (3 June 2022)

  • prohibited the import of crude oil from Russia, with a transitory period of 6 months for existing contracts and spot transactions. Also prohibited the import of refined petroleum products after a transitory period of 8 months for existing contracts and spot transactions. In addition, following an 8-month time period, EU member states will no longer be allowed to resell any Russian crude oil and petroleum products acquired via pipelines to other member states or to third countries. Some exceptions will temporarily remain in place for Bulgaria, Croatia, and the Czech Republic
  • prohibited EU operators from financing and insuring the transport of Russian crude oil after 6 months period
  • excluded three additional large Russian banks, including Sberbank, from SWIFT system
  • prohibited EU entities from providing accounting, auditing, bookkeeping, tax consulting services, business and management consulting, and public relations services to the Russian government, as well as to legal persons, entities established in Russia
  • disabled broadcasting of “Rossiya RTR/RTR Planeta”, “Rossiya 24/Russia 24”, and “TV Centre International” throughout the EU territory
  • restricted the export of additional chemicals to Russia.

The European Union may also further extend restrictive measures against Russia depending on the situation. We recommend that businesses or individuals dealing with Russian companies and natural persons perform a professional and in-depth check of the implications sanctions may have on their business operations.

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

See also Post 4: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – CRIMINALIZATION OF SANCTION VIOLATIONS

**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: .**