Adopts a fifth package of sanctions against the Russian Federation
08 Apr 2022
On 8 April 2022, the European Union adopted a fifth package of sanctions. Among others, Council Regulation 2022/576 comprises the following measures:
- Import ban on coal, wood, rubber, cement, fertilisers, caviar, vodka and other Russian products;
- Export ban on jet fuel, quantum computers, advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment;
- A full ban of Russian and Belorussian freight road operations working in the EU (certain exceptions will cover essentials, such as agriculture and food products, humanitarian aid as well as energy);
- An entry ban on Russian-flagged vessels to EU ports (exceptions apply for medical, food, energy and humanitarian purposes);
- Prohibition on the award and continued execution of public contracts and concessions with Russian nationals and entities or bodies established in the Russian Federation;
- Prohibition on the provision of support, including financing and financial assistance or any other benefit, from a Union, Euratom or Member State programme to Russian publicly owned or controlled entities;
- Prohibition on being a beneficiary, acting as a trustee or in similar capacities for Russian persons and entities, as well as a prohibition on providing certain services to trusts;
- 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 the Russian Federation and Belarus, or to any natural or legal person, entity or body in the Russian Federation and Belarus;
- A full transaction ban on four major Russian banks.
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Type:
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Entry and establishment (Ownership and control)
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Treatment and operation (Capital transfer and FOREX, Operational conditions)
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Industry:
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Not industry specific
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Services (Financial and insurance activities)
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Sources:
