EU adopts fifth package of Sanctions against Russia

The European Council has today issued a press release to advise that it will impose a fifth package of financial sanctions against Russia, in view of Russia's continued war of aggression against Ukraine, and the reported atrocities committed by Russian armed troops in Bucha and other places under Russian occupation.

The Council remains ready to act quickly in implementing robust financial sanctions on Russia and Belarus to limit Russia’s resources and its ability to continue the war of aggression.   The Council has condemned the siege of Mariupol and other Ukrainian cities, the denial of humanitarian access by Russian military forces, and has urged Russia to provide safe pathways for the provision of humanitarian aid.

The package comprises:

• Prohibition to purchase, import or transfer coal and other solid fossil fuels into the EU if it originates or are exported from Russia.
• Prohibition to provide access to EU ports to vessels registered under the Russian flag.
• A ban on all Russian and Belarusian road transport within the EU.
• Export banks on jet fuel and other goods such as quantum computers and advanced semi-conductors, high-end electronics, software, sensitive machinery and transportation equipment.
• Import bans on wood, cement, fertilisers, seafood and liquor.
• Ban on the participation of Russian companies in public procurement.
• Exclusion of all financial support to Russian public bodies.
• Extended prohibition on deposits to crypto-wallets, and on the sale of bank notes and transferrable securities to Russia and Belarus, or any natural or legal person in Russia or Belarus.
• Specific sanctions on companies that have played a role in the invasion, such as key oligarchs, high-ranking Kremlin officials, proponents of disinformation or information manipulation.
• A complete transaction ban imposed on four key Russian Banks.

The relevant legal acts will soon be published in the Official Journal.  The Council’s press release can be found here.  

Businesses should ensure that they stay abreast of updates within all targeted financial sanctions regimes applicable to their business and reinforce their compliance with these requirements.