ANNOUNCEMENT 28 Feb 2022

In February 2022, the EU banned all financial transactions with or of the Russian Central Bank. 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 Decision (CFSP) 2022/335 of 28 February 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine". 28/02/2022. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.057.01.0004.01.ENG&toc=OJ%3AL%3A2022%3A057%3ATOC

Council of the EU. Press release. "EU adopts new set of measures to respond to Russia’s military aggression against Ukraine". 28/02/2022. Available at: https://www.consilium.europa.eu/en/press/press-releases/2022/02/28/eu-adopts-new-set-of-measures-to-respond-to-russia-s-military-aggression-against-ukraine/

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

Controls on commercial transactions and investment instruments

On 28 February 2022, the European Union adopted Council Decision (CFSP) 2022/335 prohibiting transactions with or of the Russian Central Bank or any entity acting on its behalf. In particular, the measure prohibits financial transactions related to the management of reserves as well as of assets of the Russian Central Bank. It enters into force on the day of its publication in the official gazette.

The measure forms part of the third sanctions package issued by the EU against Russia in the context of the attack on Ukraine. In this context, the President of the European Commission, Ursula von der Leyen, noted: "We will also ban the transactions of Russia's central bank and freeze all its assets, to prevent it from financing Putin's war". 

It modifies Decision 2014/512/CFSP which set sanctions against Russia in the context of the Crimea conflict in 2014. 

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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