The EU imposes 12th round of sanctions against Russia

Oil tank with restrictive yellow and blue ribbons
News
20/12/2023
Author
Kati Fortino
Russia

Reiterating their opposition to the conflict in Ukraine, the European Union has imposed a 12th round of sanctions against Russia. Find out more about how this affects your business in this article.

The sanctions against Russia so far (since 2014)

Although the large-scale conflict between Russia and Ukraine has come into the international spotlight since major military action in February 2022, it has been ongoing since March 2014.

As the conflict has escalated, the EU has introduced progressive sanctions against Russian in response to its actions – such as the annexation of Crimea, Donetsk, Luhansk, Zaporizhzhia and Kherson regions.

Additionally, sanctions have been created against Belarus and Iran in response to their support of Russia in its conflict against Ukraine.

Some of the restrictions so far include:

  • Asset and travel freezes for high-profile individuals and those belonging to certain companies, institutions, or sectors.
  • Economic restriction on the transfer of funds or investments, including:
    • The SWIFT ban on 10 Russian banks
    • Prohibition on supplying Euro notes to Russia
    • The block on foreign investment from Russian people and of Russian companies from European people
    • The restriction on providing crypto wallets to Russian people.
  • Restrictions on the trade of commodities, including:
  • Blocks on Russian transport, including:
    • A closure of EU airspace to Russian aircraft
    • Restriction on road transport operators, trailers, and semi-trailers registered in Russia.
    • No access to Russia vessels in EU ports, including ship-to-ship transfers in EU waters.
    • Restricted supply of exports to Russia in the aviation, marine, and space sectors.
  • Prohibitions on services, such as IT, legal, marketing, advertising, financial, and other technical industries.
  • The broadcasting of some Russian media outlets.
  • Visa access for individuals of a particular profile.

What’s included in the 12th round of sanctions on Russia from the EU?

In the 12th round of sanctions against Russia, the EU is implementing a phased ban on the import, purchase, or transfer of non-industrial diamonds from Russia.

Additionally, there are now stricter and more definite burdens of proof for companies who could be circumnavigating sanctions. This is due to the need to be more uniform across the member states with definitions and penalties, as highlighted in our previous article on cracking down on EU sanction violations.

Alongside domestic improvements in preventing circumnavigation, this 12th package of sanctions against Russia from the EU has also set better guidelines for cooperation with third countries to prevent violations.

Need advice on customs and compliance following this 12th round of Russian sanctions from the EU?

Customs Support is here for you. Our customs operations operations will assist you where needed to ensure that businesses like yours remain compliant and trade as per the current legislation.

Operating in over 13 countries across Europe, we work with you to provide the local and international advice that you need to navigate the ever-changing landscape that is customs.

Wherever you need us, we are here to keep your supply chain safe and compliant. Contact us for more information.

Related Articles