On 15 February 2022, the EU Commission announced plans to adopt the 10th sanctions package against Russia.
Background
Since February 2022, the EU has progressively imposed sanctions against Russia. These measures include restrictive measures, such as asset freezes, against individual persons and entities with close links to the Russian government. The measures also include widespread economic sanctions, including various import and export bans, prohibitions on providing a wide range of services and several restrictions on financial activities.
With these measures, the EU seeks to diminish Russia’s economy and ability to continue its war against Ukraine through an extensive sanctions regime. Now, with the proposal of a 10th sanctions package, it is clear that the EU is continuing to expand its sanctions against Russia.
Announcement of the 10th sanctions package
According to a statement by the EU Commission, the EU is already preparing a 10th sanctions package against Russia and expects to have it in place by 24 February 2023 – a year after Russia’s invasion of Ukraine.
According to the statement, the 10th package will include:
- Export bans on industrial goods and critical technology
This includes items such as electronics, specialized vehicles, machine parts, spare parts for trucks and jet engines, antennas and cranes. - Further dual-use restrictions
These restrictions will expand the restrictions on export of dual-use items, including controls on 47 new electronic components which can be used in drones, missiles and helicopters. These restrictions will also include specific rare-earth metals and thermal cameras to target the technology and goods found to be used in the war. - Inclusion of third country entities to the Russian dual-use restrictions
According to the EU, the Iranian Revolutionary Guards have been providing Russia with drones for use in attacks on Ukrainian civilian infrastructure. The 10th sanctions package will therefore also include restrictions on seven Iranian entities, prohibiting sales of sensitive items. The list of third country entities is intended to be expanded to include other entities who provide sensitive technology to Russia. - Almost 100 new designations
These will include persons responsible for military activities, kidnapping and looting, political decisions, and propaganda and misinformation. - Measures targeting circumvention
The package also includes measures to tackle circumvention and strengthen enforcement, including EU wide overview of frozen assets of the Russian Central Bank and tracking the assets of oligarchs attempting to hide or sell assets to evade sanctions.
Next steps
The council is expected to adopt the proposed 10th package, and in time for the measures to be in place by 24 February 2023. We will closely monitor these developments and update on the precise restrictions once the 10th sanctions package is adopted.
More information
If you have any questions concerning the impact of the sanctions measures on your company, or would like to discuss, please feel free to reach out to:
