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The seventh package of EU sanctions to the Russian Federation

We hereby inform you that on 21st July 2022, the Council of the European Union adopted the seventh package of sanctions against Russia.

The seventh package of EU sanctions to the Russian Federation

In light of the increasingly unstable political situation, the European Union has intervened with new measures aimed at introducing restrictions and expanding the list of individuals against whom the provision of funds and economic resources is prohibited.

Among the various novelties emerging from the new sanctions package, we would like to point out the following:

RESTRICTIONS ON GOODS 

In amendment of EU Regulation No. 833/2014, the Council by Regulation No. 1269/2022: 

  • introduced Annex XXVI and Annex XXVII which introduced the prohibition of the purchase, import and transfer of gold and jewelry containing gold or metals clad with gold;
  • expanded the list of controlled goods and technologies contained in Annex VII, including equipment and software, chemical agents and goods used in industrial activity such as pipes, pumps, valves and tanks;
  • amended Annex IV (list of individuals or legal entities, bodies or entities prohibited from selling or transferring dual-use items), Annex IX (model for notification, application and authorization forms for supply, transfer or export) and Annex X (goods and technology suitable for use in petroleum refining and natural gas liquefaction).

LIMITATIONS CONCERNING INDIVIDUALS AND ENTITIES

With the amendment of Annex I of EU Regulation No. 269/2014, through the implementation of Regulation No. 1270/2022 the Council has: 

  • identified 48 new individuals against whom the freezing of funds was ordered, as well as a ban on making funds or economic resources available;
  • extended the list of entities subject to the above-mentioned restrictions with 9 additional entities. Among the most significant are Sberbank, Russia's main banking player, whose transactions outside Russia have been banned.

In order to export goods and products in compliance with the EU regulations as recently amended, we remind you that it is not sufficient to merely consult the Annexes referred to in the European regulations or other black lists, however, it is necessary to perform a circumscribed and specific due diligence activity, both objective and subjective.