IMPLEMENTATION LEVEL

Supranational

AFFECTED FLOW

Outflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
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Inception date: 21 Jul 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 21 July 2022, the EU adopted Council Implementing Regulation (EU) 2022/1270 adding 4 Russian companies to the list of entities whose funds and economic resources will be frozen within the EU. The new companies are 1. AVITA Stevedoring Company; 2. JSC Research and Production Association “Kvant”; 3. FORSS Group of Companies; and 4. Sberbank. These companies operate in the following sectors: grain cargo handling services; production of electronic warfare; engineering services to the shipbuilding industry; and financial services, respectively. 

In particular, these entities were added to Annex I to Regulation (EU) No 269/2014 which set sanctions in the context of the Crimea conflict. The measure entered into force on the same day of its publication. 

Notably, the regulation also adds other 5 entities to the list. However, these are social clubs, foundations and military groups without tangible commercial impact. 

In this context, the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell, noted: "The sanctioned entities include Sberbank, a major financial institution, the Nightwolves, companies operating in the military sector or the shipbuilding industry or involved in the stealing of Ukrainian grain, and a variety of entities that have disseminated pro-Kremlin and anti-Ukrainian propaganda".

EU's sanctions on Russia

On 21 July 2022, the EU passed a series of measures targeting the Russian Federation for the recognition of non-government-controlled areas of the Donetsk and Luhansk oblasts of Ukraine as independent entities, and the subsequent decision to send Russian troops into these areas. The package also includes further trade and financial restrictions against Russian and other sanctions targeting Syria (see related state acts). 

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

482 Instruments & control equipment, except optical instruments
9032 Automatic regulating or controlling instruments and apparatus.
903289 Other

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