Following below are further details on the sanctions imposed by the European Union.
The EU has been imposing sanctions and restrictive measures against Russia since 2014 following their invasion of Crimea. This European Council
infographic provides an excellent summary of the types of sanctions imposed.
The most recent measures agreed at EU Council level on the current crisis can be accessed
here .
The EU list of sanctions is available on the Irish Central Bank’s website
Financial Sanctions Updates 2022. The situation is very fast moving and members are reminded to check these on a frequent basis. On 9 March 2022, the European Council issued a
press release announcing the EU's agreement to new sectoral measures targeting Belarus and Russia, this one targeting the Belarusian financial sector and a further
press release later the same day concerning its decision to impose restrictive measures on 160 individuals..
Details of measures introduced on 9 March 2022 include:
Introduction of further restrictions on the export of maritime navigation goods and technology;
- Expansion of the list of legal persons, entities and bodies subject to the prohibitions related to investment services, transferable securities, money market instruments, and loans;
- Further clarification (in respect of previous restrictive measures) that “transferable securities” includes crypto-assets.
- Limiting the financial inflows from Belarus to the Union, by prohibiting the acceptance, from Belarusian nationals or residents, of deposits exceeding certain values; the holding of accounts of Belarusian clients by the Union central securities depositories; and the selling of euro-denominated securities to Belarusian clients;
- Exemptions under the sanctions measures, for Swiss, EU and EEA nationals in Belarus, in that deposits exceeding €100,000 can be accepted from them.
- Introduction of clarifications on the exception for the provision of financing for small and medium-sized enterprises, as well as certain provisions in the Annexes, relating to prohibited goods and technology;
- Adding 146 members of the Russian Federation Council to the sanctions list, as those individuals ratified the government decisions of the ‘Treaty of Friendship, Cooperation and Mutual Assistance’ between Russia and the two break-away regions in Donetsk and Luhansk;
- Adding 14 persons to the sanctions list, as they supported and benefited from the Government of the Russian Federation and/or provided substantial revenue to it; or are associated with listed persons or entities.
- Prohibition on the listing and provision of services, on Union trading venues, in relation to shares of Belarus State-owned entities;
- Prohibition on transactions with the Central Bank of Belarus;
- Restrictions on the provision of specialised financial messaging services (SWIFT) to certain Belarusian credit institutions and their Belarusian subsidiaries. These are:
- Belagroprombank
- Bank Dabrabyt
- Development Bank of the Republic of Belarus'
- Additional obligations on the Network Manager for air traffic management network functions of the single European Sky, particularly that the Manager rejects all flight plans that violate the Regulations;
- Further clarification (in respect of previous restrictive measures) that “transferable securities” includes crypto-assets.
On 15 March 2022 the EU published a further set of measures in relation to Russia. The measures that came into force on 15 March include adding another 15 individuals and 9 entities to the list of those subject to asset freezes and travel bans.
The measures that came into force on 16 March include:
- a ban on credit ratings agencies from providing ratings on Russian Federation debt.
- further trade restrictions concerning iron and steel, as well as luxury goods;
- expanding the list of persons connected to Russia’s defense and industrial base, to apply tighter export restrictions on dual-use goods and technology. A total of 81 persons and entities have been added;
- prohibitions on new investments in the Russian energy sector and export restrictions on related equipment, technology and services, with the exception of nuclear industry and energy transport;
- a ban on all transactions with certain State-owned enterprises which are already subject to refinancing restrictions. A total of 13 companies are listed;
- a ban on the provision of insurance and reinsurance to any legal person, entity or body operating in the energy sector in Russia;
- Derogations have been provided for activities necessary for ensuring critical energy supply within the EU, as well as the transport of fossil fuels, in particular coal, oil and natural gas, from or through Russia into the EU; and where humanitarian considerations arise.
Please also see
here a Q &A from the European Commission website on the fourth package of restrictive measures against Russia.
There is a
consolidated list of persons, groups and entities subject to EU financial sanctions, which reflects the officially adopted texts published in the Official Journal of the EU. You need to create an account to log in. This is a simple process. EU Login (europa.eu).
A PDF version of the consolidated list of financial sanctions can also be downloaded, but members should be aware that this list is constantly being amended and updated.
A useful list which contains summaries of all EU sanctions is available on the
EU Sanctions Map.
An overview of EU sanctions is provided
here by the European External Action Service. See also the European Commission page containing general
FAQs and answers on restrictive measures -sanctions e.g. types of sanctions and who is bound by them (Click
here for the pdf version).
The European Competition Network (ECN), a network of 27 competition authorities within the European Union and the DG Competition of the European Commission recently issued a joint statement on the application of competition law in the context of the war in Ukraine.
They noted that the different EU/EEA competition instruments have mechanisms to take into account, where appropriate and necessary, market and economic developments and that this extraordinary war situation may trigger the need for companies to address severe disruptions caused by the impact of the war and/or of sanctions in the Internal Market. The joint statement
can be viewed on the Irish Competition and Consumer Protection Commission website.
On 9 March 2022 the European Intellectual Property office (EUIPO) in support of Ukraine has adopted a number of measures in coordination with the EU institutions in the field of intellectual property. They have halted all cooperation actions with Rospatent, the Russian Federal Service for Intellectual Property, and the Eurasian Patent Organisation (EAPO). They have also taken measures to provide their fullest support to Ukrainian customers and to safeguard their IP rights while this situation prevents normal communication. More details of their statement and position can be
found on their website.