ANNOUNCEMENT 25 Feb 2022

In February 2022, the EU prohibited the provision of financial services to 76 Russian entities as part of the second sanctions package. The measure forms part of the second sanctions package against Russia in the context of the attack on Ukraine.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Official Journal of the EU, EUR-Lex. "Council Decision (CFSP) 2022/327 of 25 February 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine". 25/02/2022. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.048.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A048%3ATOC

European Council. Press release. "Russia’s military aggression against Ukraine: EU imposes sanctions against President Putin and Foreign Minister Lavrov and adopts wide ranging individual and economic sanctions". 25/02/2022. Available at: https://www.consilium.europa.eu/en/press/press-releases/2022/02/25/russia-s-military-aggression-against-ukraine-eu-imposes-sanctions-against-president-putin-and-foreign-minister-lavrov-and-adopts-wide-ranging-individual-and-economic-sanctions/

Update
Official Journal of the EU, EUR-Lex. "Council Regulation (EU) 2022/394 of 9 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine". 09/03/2022. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.081.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A081%3ATOC

Inception date: 26 Feb 2022 | Removal date: open ended

Export ban

On 25 February 2022, the European Union adopted Council Decision (CFSP) 2022/327 prohibiting the delivery of financial services to 76 Russian entities. The measure prohibits investment services dealing with bonds, equity, or similar financial instruments; the provisions of credits, loans, equity, and other financing instruments; and the acceptance of deposits over EUR 100'000 (USD 112'584). The measure enters into force the day following its publication on the official gazette, namely on 26 February 2022.

In particular, the measure forbids these transactions as these credit institutions or finance development institutions established in Russia were subject to over 50% public ownership or control. The 76 entities are: 

1. JSC Sirius
2. OJSC Stankoinstrument
3. OAO JSC Chemcomposite
4. JSC Kalashnikov
5. JSC Tula Arms Plant
6. NPK Technologii Maschinostrojenija
7. OAO Wysokototschnye Kompleksi
8. OAO Almaz Antey
9. OAO NPO Bazalt
10. Admiralty Shipyard JSC
11. Aleksandrov Scientific Research Technological Institute NITI
12. Argut OOO
13. Communication center of the Ministry of Defense
14. Federal Research Center Boreskov Institute of Catalysis
15. Federal State Budgetary Enterprise of the Administration
16. Federal State Budgetary Enterprise Special Flight Unit Rossiya
17. Federal State Unitary Enterprise Dukhov Automatics Research Institute (VNIIA)
18. Foreign Intelligence Service (SVR)
19. Forensic Center of Nizhniy Novgorod Region Main Directorate of the Ministry of Interior Affairs
20. International Center for Quantum Optics and Quantum Technologies
21. Irkut Corporation
22. Irkut Research and Production Corporation Public Joint Stock Company
23. Joint Stock Company Scientific Research Institute of Computing Machinery
24. JSC Central Research Institute of Machine Building (JSC TsNIIMash)
25. JSC Kazan Helicopter Plant Repair Service
26. JSC Shipyard Zaliv (Zaliv Shipbuilding yard)
27. JSC Rocket and Space Centre – Progress
28. Kamensk-Uralsky Metallurgical Works J.S. Co.
29. Kazan Helicopter Plant PJSC
30. Komsomolsk-na-Amur Aviation Production Organization (KNAAPO)
31. Ministry of Defence RF
32. Moscow Institute of Physics and Technology
33. NPO High Precision Systems JSC
34. NPO Splav JSC
35. OPK Oboronprom
36. PJSC Beriev Aircraft Company
37. PJSC Irkut Corporation
38. PJSC Kazan Helicopters
39. POLYUS Research Institute of M.F. Stelmakh Joint Stock Company
40. Promtech-Dubna, JSC
41. Public Joint Stock Company United Aircraft Corporation
42. Radiotechnical and Information Systems (RTI) Concern
43. Rapart Services LLC; Rosoboronexport OJSC (ROE)
44. Rostec (Russian Technologies State Corporation)
45. Rostekh – Azimuth
46. Russian Aircraft Corporation MiG
47. Russian Helicopters JSC
48. SP KVANT (Sovmestnoe Predpriyatie Kvantovye Tekhnologii)
49. Sukhoi Aviation JSC
50. Sukhoi Civil Aircraft
51. Tactical Missiles Corporation JSC
52. Tupolev JSC
53. UEC-Saturn
54. United Aircraft Corporation
55. JSC AeroKompozit
56. United Engine Corporation
57. UEC-Aviadvigatel JSC
58. United Instrument Manufacturing Corporation
59. United Shipbuilding Corporation
60. JSC PO Sevmash
61. Krasnoye Sormovo Shipyard
62. Severnaya Shipyard
63. Shipyard Yantar
64. UralVagonZavod’
65. Almaz-Antey
66. Kamaz
67. Novorossiysk Commercial Sea Port
68. Rostec (Russian Technologies State Corporation)
69. Russian Railways
70. JSC PO Sevmash
71. Sovcomflot
72. United Shipbuilding Corporation
73. Alfa Bank
74. Bank Otkritie
75. Bank Rossiya
76. Promsvyazbank

The measure forms part of the second sanctions package issued by the EU against Russia in the context of the attack on Ukraine. It modifies Decision 2014/512/CFSP which set the sanctions against Russia in the context of the Crimea conflict in 2014.

EU's sanctions on Russia 

On 25 February 2022, the EU instituted its second package of measures targetting 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 the export of dual-use, oil refining and aviation goods and technology, as well as the suspension of visa procedures for Russian business representatives (see related state acts).

The first package was adopted earlier on 25 February 2022, whilst the third package was adopted on 28 February 2022 (see related state acts). The packages have been closely coordinated with G7 and NATO allies. 

Update

On 9 March 2022, the European Union adopted Council Regulation (EU) 2022/394 clarifying that "transferable securities", an investment instrument, also includes crypto-assets. The objective is to ensure the proper implementation of the present financial restriction. 

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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