ANNOUNCEMENT 28 Feb 2022

In February 2022, the EU adopted capital control and financial restrictions on a particular Russian insurance company. The measure forms part of the third 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 Implementing Regulation (EU) 2022/336 of 28 February 2022 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine".
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.058.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A058%3ATOC

Council of the EU. Press release. "Russia’s military aggression against Ukraine: Council imposes sanctions on 26 persons and one entity". 28/02/2022. Available at: https://www.consilium.europa.eu/en/press/press-releases/2022/02/28/russia-s-military-aggression-against-ukraine-council-imposes-sanctions-on-26-persons-and-one-entity/

European Commission. Press release. "Statement by President von der Leyen on further measures to respond to the Russian invasion of Ukraine". 27/02/2022. Available at: https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1441

Inception date: 28 Feb 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 28 February 2022, the EU adopted Council Implementing Regulation (EU) 2022/336 adding the Russian company Gas Industry Insurance Company SOGAZ to the list of entities whose funds and economic resources shall be frozen within the EU. 

In particular, the entity was added to Annex I to Regulation (EU) No 269/2014 which set sanctions in the context of the Crimea conflict. The measure forms part of the third sanctions package issued by the EU against Russia in the context of the Ukraine crisis. Previously, on 23 February 2023, the EU added two Russian banks and one company to the list of entities (see related state act).

SOGAZ is a joint-stock company that provides insurance for civil engineering structures. According to the Regulation, the company "provided insurance to the construction of the railway infrastructure connecting the bridge over the Kerch Strait and the Port of Taman and reinsured the construction of the bridge over the Kerch Strait. Therefore it supported the consolidation of the illegally annexed Crimean peninsula into the Russian Federation, which in turn further undermined the territorial integrity, sovereignty and independence of Ukraine". 

EU's sanctions on Russia 

On 28 February 2022, the EU instituted its third 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 restrictions on the Russian Central Bank. 

The first and second packages were adopted on 25 February 2022 (see related state acts). The packages have been closely coordinated with G7 and NATO allies. 

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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