Insights

EU adopts fifth package of sanctions against Russia

Legal Development 08 April 2022 08 April 2022
UK & Europe
Crisis-Ukraine-Russia

The European Council has today (08 April 2022) adopted a fifth package of sanctions against Russia, with a view to putting pressure on Russia’s economy and limiting its capacity for aggression against Ukraine.

Key sanctions include:

- Prohibitions on:

- The purchase, import or transfer of coal and other solid fossil fuels into the EU if they originate in Russia or are exported from Russia, effective as of August 2022.

- Vessels registered under the flag of Russia accessing EU ports (subject to derogations for agricultural and food products, humanitarian aid, and energy).

- A ban on Russian and Belarusian road transport undertakings transporting goods by road within the EU (subject to derogations for a number of products, such as pharmaceutical, medical, agricultural and food products, including wheat, and for road transport for humanitarian purposes).

- Export bans on jet fuel and other goods, including quantum computers, advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment.

- Import bans on goods that generate significant revenues for Russia, including wood, cement, fertilisers, caviar and silver.

- A series of measures to reinforce existing sanctions, including a general EU ban on the participation of Russian companies in public procurement in member states, the exclusion of all financial support to Russian public bodies, an extended prohibition on deposits to crypto-wallets, and on the sale of banknotes and transferrable securities denominated in any official currencies of the EU member states to Russia and Belarus, or to any natural or legal person, entity or body in Russia and Belarus.

- Sanctions against:

- Companies whose products or technology have played a role in the invasion

- Oligarchs and business elites

- High-ranking Kremlin officials

- Proponents of disinformation and information manipulation

- Relatives of sanctioned individuals

- A full transaction ban on four Russian banks: VTB Bank, Sovcombank, Novikombank and Otkritie FC Bank.

The EU press release is available here: EU adopts fifth round of sanctions against Russia over its military aggression against Ukraine - Consilium (europa.eu)

The relevant legal acts are available here.