On 7 December 2022, the EU Commission announced its proposal for further sanctions against Russia. This would mark the 9th sanctions package imposed against Russia since its invasion of Ukraine on 23 February 2022.
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 the provision of different types of services and restrictions on financial activities.
The EU seeks to diminish Russia’s economy and ability to continue its war against Ukraine through its extensive sanctions regime against Russia. Now, with the proposal of a ninth sanctions package, the EU wants to further increase the pressure on Russia.
According to the EU Commission, the proposed ninth package includes the following restrictions:
- Further sanctions on individuals and entities; the EU Commission has proposed to sanction an additional 200 individuals and entities, including Russian armed forces, political figures, and defence industrial companies. The list also includes three additional Russian banks, including a full transactions ban on the Russian Regional Development Bank.
- Further economic sanctions;
- The proposal also includes additional export controls and restrictions on dual-use goods, including certain chemicals, nerve agents, electronics, and IT components that can be used in connection with the war.
- The restrictions also target various types of drones, drone engines and unmanned aerial vehicles.
- The proposal also includes restrictions against the Russian energy and mining sector, including an investment ban.
- The proposed package also includes further media and broadcasting restrictions: The EU proposes to extend the prohibition on broadcasting activities to four additional Russian channels.
The announcement of the 9th sanctions package on the heels of the recent import ban and price cap on Russian oil. As of 5 December 2022, the prohibition on the import of Russian seaborne crude oil entered into force, covering almost 90% of Russian oil imports to Europe. On the same date, the EU, together with the G7 and Australia, agreed to cap the price of Russian seaborne crude oil at $60 in order to limit price surges and further reduce Russia’s revenues.
The ninth package has been proposed to the Council and must be adopted before entering into force. We will closely monitor these developments and update on the precise restrictions once adopted.
If you have any questions concerning the impact of the sanctions measures on your company, or would like to discuss these developments, please feel free to reach out to: