Introduces the eighth package of sanctions against the Russian Federation
06 Oct 2022
On 6 October 2022, the European Union (EU) adopted the eighth package of sanctions against the Russian Federation. The new sanction package comprises the following:
- a price cap related to the maritime transport of oil or petroleum products for third countries and to the provision of related services;
- 30 additional individuals and 7 entities have been designated for asset freeze restrictions;
- an import ban on steel products, wood pulp and paper, certain elements used in the jewellery industry such as stones and precious metals, certain machinery and chemical items, cigarettes, plastics and finished chemical products such as cosmetics;
- a ban on the provision of architectural and engineering services and of IT consultancy services and legal advisory services;
- a prohibition for EU nationals to sit on governing bodies of Russian state-owned companies;
- additional export restrictions on the items used in the aviation sector, certain electronic components, certain goods, chemical substances, and nerve agents that can be used for capital punishment, torture, or other cruel, inhuman, or degrading treatment or punishment, firearms and their parts plus essential components and ammunition.
The geographical scope of the restrictions was extended to include Kherson and Zaporizhzhia areas.
The new sanction package entered into force on 6 October 2022.
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Type:
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Treatment and operation (Investment related trade measures)
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Treatment and operation (Other)
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Industry:
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Not industry specific
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Manufacturing (Manufacture of wood and paper products, Manufacture of chemicals and chemical products, Manufacture of fabricated metal products, except machinery and equipment)
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Services (Transportation and storage, Computer programming, consultancy and related activities, Legal and accounting activities, Other professional, scientific and technical activities)
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