EU imposes additional sanctions on Russia

The decision expands the list of individuals and companies targeted by sanctions that are linked to actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. The sanctions imposed on individuals include asset freezes and travel and transit restrictions. In addition, it is prohibited to make any funds and economic resources directly or indirectly available to or for use by the designated persons and entities.

The individuals added to the sanctions list are leaders of large companies and financial institutions that support the Russian Government as well as media and information influencers. The list of sanctions includes influential business leaders who support or benefit from the Russian Government and their family members.  The new companies on the sanctions list represent Russia’s arms equipment industries.  The sanctions have been extended to cover four Russian banks.

Sector-specific sanctions were expanded by adding new export and import bans on the list. Export restrictions were expanded with regard to products and technology that may promote Russia’s military or technological capabilities and other products and technologies as well as products and technologies used for oil refining technology and liquefaction of natural gas. The export ban list also includes a large number of products related to industrial activities.

Furthermore, the list of banned luxury goods was also expanded and specified. In the aviation sector, the export ban now covers also jet fuel and fuel additives. An import ban was imposed on coal and certain peat fuels over a transition period of four months. The list of iron and steel products subject to the import ban was expanded. Import bans were also imposed on several other products that are significant sources of income for Russia.

In the financial sector, sanctions were expanded by imposing a ban on awarding direct and indirect support, including financing, to Russian public actors or to institutions in which the Russian government exercises over 50 per cent proprietary rights or control. The ban on deposits of more than EUR 100,000 imposed on Russian nationals was extended to cover also crypto assets, the limit of which was set at EUR 10,000. Russia was excluded from public procurement in the EU countries, with limited exceptions. A new measure was to prohibit transport of goods by Russian and Belarusian road transport undertakings within the EU and to prohibit vessels registered under the flag of Russian from entering EU ports.

Many exceptions to the sanctions are specified in the text of the regulation. The overall impact of the new EU sanctions on trade between Finland and Russia is significant, even though Finland’s export to Russia has decreased significantly in recent months.

lndividual sanctions https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2022:110:TOC(layout.types.url.description)

Sector-specific sanctions https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2022:111:TOC(layout.types.url.description)

Inquiries: Pia Sarivaara, First Secretary, Team Leader, (sanctions), tel. +358295 350 660 or Teemu Sepponen, Counsellor (export control), tel. + 358 295 351 045

The Foreign Ministry’s email addresses are in the format firstname.lastname@formin.fi.