Overview of Sanctions Related to the Crisis in Ukraine
The European Union has imposed various sanctions on both Russia and Belarus in connection with Russia's military operation on Ukrainian territory, which began in the early hours of February 24, more sanctions are expected to be added in the coming weeks. The following is an overview of the sanctions recently imposed by the European Union.
February 23
Before the outbreak of direct hostilities, lending to Russia, its government agencies and the Central Bank of Russia was prohibited unless the purpose of the loan was to finance something specific and documented. The ban applies to all loans agreed after February 23, 2022. Previously agreed loans will not be prohibited, but after February 23, 2022 the terms of the loan cannot be changed.
The Council of the European Union has also decided to prohibit trading in securities issued by Russia, its government agencies, the Central Bank of Russia or related legal entities from March 9, 2022.
You can read more about the Council's decision HERE.
February 25
It was decided to impose additional restrictions to Russia on trade in securities issued in Russia, as well as on the sale of technology and products used directly or indirectly for military activities. In addition, the list of persons and companies banned from exporting such products was significantly expanded.
You can read more about the Council's decision HERE.
February 28
It was decided to ban Russian airlines from taking off and landing in the European Union. The ban does not apply to emergencies.
You can read more about the Council's decision HERE.
March 1
It was decided to prohibit the sale, supply, transfer and export of euro-denominated banknotes to Russia from March 12, 2022. The ban does not apply to people travelling to Russia and their family members. It was also decided to exclude seven Russian banks from the SWIFT payment system: Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, Vneshekonombank and VTB Bank.
You can read more about the Council's decision HERE.
It was also decided to ban the distribution of Russia Today and Sputnik in the European Union in any form.
You can read more about the Council's decision HERE.
March 2
It was decided to prohibit the provision of any technical assistance to persons in Belarus. The ban does not apply to persons travelling to Belarus and providing humanitarian assistance.
It was also decided to ban the sale of any products to Belarus that could be used directly or indirectly for military purposes. The ban does not apply to products that the parties had agreed to sell before March 3, 2022.
In addition, it was decided to ban the import of the following materials from Belarus: wood, cement, iron, steel, rubber. The ban does not apply to products whose import was agreed before March 2, 2022.
You can read more about the Council's decision HERE.
March 9
It was decided to impose additional sanctions on 160 persons connected with the Russian Government through family ties or otherwise, and who voted in favour of the recognition of the Donetsk and Luhansk People's Republics in the Council of the Russian Federation.
You can read more about the regulation HERE.
It was also decided to ban the sale, supply, export and other transfers of maritime navigation equipment to Russia and to ships flying the Russian flag. It was also decided to prohibit the financing of the purchase of such equipment. The ban does not apply to products intended for non-military use.
You can read more about the regulation HERE.
In addition, it was decided to exclude three Belarusian banks from the SWIFT system as of March 20, 2022: Belagroprombank, Bank Dabrabõt and the Development Bank of the Republic of Belarus.
You can read more about the regulation HERE.
March 15
It was decided to prohibit the sale, supply, export and other transfers of various goods to Russia and its related parties. The ban mainly applies to iron and steel products, but also to various means of communication, food and hygiene products. Imports of iron and steel products from Russia were also prohibited. It was also decided to prohibit any transactions with companies in which the Russian state has a majority shareholding and also to prohibit the expansion of shareholding in Russian companies. The prohibitions apply to transactions made after March 16, 2022. As of April 15, 2022, it was also decided to prohibit the provision of credit rating services to persons related to Russia.
You can read more about the regulation HERE.
It was also decided to freeze the assets of 15 persons and 9 entities associated with Russia in the European Union and to prohibit transactions with those persons and entities.
You can read more about the regulation HERE.
All sanctions imposed by the European Union are available at www.sanctionsmap.eu. A list of existing sanctions against Russia can be found HERE and a list of sanctions against Belarus HERE. An overview of sanctions can also be read in English HERE. The timing of sanctions related to the crisis in Ukraine can be traced in more detail HERE.
If you have any further questions about the EU sanctions imposed on Russia and Belarus, please contact the lawyers of the Chamber of Commerce at juristid@koda.ee.
Additional information for entrepreneurs about Ukraine: Information for entrepreneurs about Ukraine | Estonian Chamber of Commerce and Industry