Ukraine conflict: new EU sanctions against Russia

11 April 2022

We have recently prepared an article with information regarding measures the EU imposed on Russia, due to their invasion of Ukraine (the article is available here). Last week the European Commission made a step further with the adoption of the fifth package of sanctions.

The fifth package (consisting of six pillars) includes an import ban on coal from Russia, affecting one fourth of all Russian coal exports. There will also be a full transaction ban on 4 key Russian banks, which represent 23 % of market share in the Russian banking sector. The prohibition on providing high-value crypto-asset services to Russia has also been agreed.

EU also imposed a ban on Russian and Russian operated vessels from accessing EU ports (agricultural and food products, humanitarian aid and energy will be exempt) and a ban on Russian and Belarusian road transport operators working in the EU.

The forth pillar brings further export bans (worth EUR 10 billion) in areas of quantum computers, advanced semiconductors, machinery and transport equipment. With the fifth pillar of the package, specific new import bans are adopted, cutting the money stream of Russia's oligarchs on products like wood, or cement, seafood and liquor.

Series of targeted measures are also in place, such as a general EU ban on participation of Russian nationals and entities in public procurement in member states, as well as exclusion of all financial support to Russian public bodies.

The EU is working on additional sanctions that will likely be adopted in the future. Meanwhile, the UN General Assembly suspended Russia from the UN Human Rights Council.