EU 10th Sanctions Package Update
Legal Development 01 March 2023 01 March 2023
UK & Europe
On the 25th of February 2023, the European Union (EU) introduced its 10th sanctions package since the invasion of Ukraine. Josep Borrell, the EU’s High Representative for Foreign Affairs and Security Policy stated that the new sanctions were addressed to those “instrumental” in the war’s continuation.
The measures target a further 87 individuals and 34 entities in the political, economic and military sectors, bringing the total number to 1,473 and 205 respectively.
Sanctions against “political and institutional” actors included:
- Members of the Federation Council of the Russian Federation, notably the representative of the annexed “Luhansk People’s Republic”.
- Campaigners for the “All-Russia People’s Front”, a social organisation that fundraises for pro-Russian military units in the annexed territories.
- Russian media organisations and certain members of their staff responsible for “polluting the public space with disinformation and malicious narratives”.
In the economic space, the EU sanctioned:
- The Russian National Reinsurance Company, a state-controlled subsidiary of the Bank of Russia and the principal reinsurer of the Russian shipping industry.
- The Russian Government’s National Wealth Fund, a state-controlled reserve fund with an estimated 13.6 trillion roubles set aside to manage the Russian budget deficit.
- Alfa-Bank, Russia’s largest private bank.
- Rosbank, one of Russia’s biggest lending banks.
- Tinkoff Bank, a financial technology specialist bank with one of the country’s largest active client bases.
In the military space, the EU acted against several Iranian nationals supplying “Shahed” drones and their components to Russia. They also restricted all exports from the EU to Russia of sensitive “dual-use” and advanced technologies that could assist in Russia’s military efforts. These include:
- Electronic components used in drones, missiles, helicopters and other weapons.
- Specific rare earth metals.
- Semi-trailers, snowmobiles and other specialist vehicles.
- Generators, compasses, binoculars, thermal cameras, radars and other military accessories.
- Bridges, cranes, fork-lifts and building structures.
- Pumps, machine parts, machinery for use in an industrial capacity.
- Complete industrial plants.
- Turbojets and other goods used in the aviation industry.
Also targeted were individuals responsible for the deportation and forced adoption of Ukrainian children from Russian annexed territories, a measure described by the EU as a violation of international human rights law.
For the full statement of the EU’s 10th sanctions package as well as the complete list of sanctioned entities, please click here.