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

Following is part 2 of a series of posts we will be publishing over the coming days and weeks on current European Union sanctions against the Russian Federation.

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

An Overview of March Sanction Measures

During end of February – March 2022, the European Union further extended its restrictive measures in response to Russian aggression against Ukraine. More detailed information on the third and the fourth package of sanctions is given below.

Third Sanctions Package (28 February and 2 March 2022)

  • targeted sanctions against 26 individuals and 1 company
  • banned the overflight of EU airspace and access to EU airports by Russian carriers
  • restricted transactions with the Russian Central Bank and excluded large Russian banks from the SWIFT system
  • prohibited investments in projects financed by the Russian Investment Fund
  • disabled “Russia Today” and “Sputnik” TV channels within EU territory
  • restricted flow of euro-denominated banknotes to Russia
  • imposed individual sanctions on Belorussian individuals

Additional „Compliance“ Sanctions Package (9 March 2022)

  • individual measures regarding 160 other Russian individuals
  • set an export ban on maritime navigation goods and radio communication technology to Russia
  • focused on sanctions targeting Belarus, in particular:
  • excluded three Belarussian banks from the SWIFT system
    • prohibited the listing of shares of Belarussian state-owned entities on EU trading platforms, and provision of auxiliary services
    • prohibited flow of euro-denominated banknotes to Belarus
    • prohibited transactions on management of reserves or assets as well as provision of public financing to the Central Bank of Belarus
    • prohibited the acceptance of deposits exceeding 100,000 € from Belarusian nationals or residents, holding accounts of Belarusian clients by the EU central securities depositories, as well as selling euro-denominated securities to Belarusian clients.

Fourth Sanctions Package (15 March 2022)

  • prohibited EU financial rating agencies to provide rating services to Russian companies
  • restricted the export of luxury goods to Russia
  • denied Russia the most-favored-nation status under WTO in EU markets
  • prohibited transactions with certain Russian state-owned enterprises of the military-industrial complex
  • banned new investments in the Russian energy sector as well as an import ban on steel products currently under EU safeguard measures
  • targeted sanctions of 15 individuals and 9 legal entities

These set of measures are aimed to provide an economic effect on large Russian and Belarussian companies and individuals.

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

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

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: .**