European council and UK government announce new Russia sanctions
Legal Development 16 March 2022 16 March 2022
UK & Europe
On 15 March 2022, the European Council introduced a fourth package of sanctions against Russia. The move follows an informal meeting attended by EU heads of state and government on 10-11 March.
The sanctions target entities and individuals. Measures include:
- Bans on:
- Transactions with certain state-owned companies which are already subject to refinancing restrictions
- Providing credit rating services (and access to any subscription services in relation to credit rating activities)
- New investments in the Russian energy sector
- Subjecting a greater number of people to export restrictions in relation to dual-use goods and goods and technology which might enhance Russian defences and security
- Export restrictions on equipment, technology and services for the energy industry
- Further trade restrictions on iron, steel and luxury goods
- Sanctions against:
- Oligarchs, lobbyists and propagandists furthering the Kremlin’s narrative on the Ukraine situation
- Key companies in the aviation, military and dual use, shipbuilding and machine building sectors
The Council has also approved the Commission joining, on the EU’s behalf, a plurilateral statement on Russia’s actions in Ukraine, that is expected to be issued in the context of the World Trade Organization (WTO).
The EU legislation setting out the sanctions is available here:
On the same day (15 March 2022) the UK also announced new sanctions, targeting a further 370 Russian and Belarusian individuals and entities. Those subject to the sanctions will have their assets in the UK frozen, be banned from travelling to the UK and no UK citizen or company may do business with them.
Those subject to the sanctions include Sergei Shoigu - a Russian politician and General of the Army and Dmitry Medvedev - former PM and president of Russia and now deputy chairman of the Russian Security Council. Russian insurance company, Sogaz, has also been sanctioned, bringing the UK into alignment with the EU.
The full UK sanctions list is available here: The UK Sanctions List - GOV.UK (www.gov.uk)