ANNOUNCEMENT 09 Mar 2022

In March 2022, the EU adopted additional financial restrictions against Belarus in the context of the Russian attack on Ukraine.

NUMBER OF INTERVENTIONS

3

  • 3 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Official Journal of the EU, EUR-Lex. "Council Regulation (EU) 2022/398 of 9 March 2022 amending Regulation (EC) No 765/2006 concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine". 09/03/2022. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.082.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A082%3ATOC

Council of the EU. Press release. "Russia’s military aggression against Ukraine: EU agrees new sectoral measures targeting Belarus and Russia". 09/03/2022. Available at: https://www.consilium.europa.eu/en/press/press-releases/2022/03/09/russia-s-military-aggression-against-ukraine-eu-agrees-new-sectoral-measures-targeting-belarus-and-russia/

Inception date: 10 Mar 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 9 March 2022, the European Union adopted Council Regulation (EU) 2022/398 setting up additional financial restrictions on Belarusian entities in the context of its involvement in the Russian attack on Ukraine. The measures enter into force on the day of its publication in the official gazette. In particular, the regulation: 

  • Prohibits transactions with or of the Belarusian Central Bank or any entity acting on its behalf. Specifically, the measure prohibits financial transactions related to the management of reserves as well as of assets of the Belarusian Central Bank. 
  • Prohibits public financing or financial assistance for trade or investment in Belarus.
  • Prohibits the acceptance of any deposits exceeding EUR 100'000 from Belarusian nationals or natural persons residing in Belarus. Some exceptions apply.
  • Prohibits the selling of euro-denominated banknotes to Belarus.

The measure forms part of the fifth sanctions package issued by the EU against Russia and Belarus in the context of the attack on Ukraine. In this context, the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell, noted: "With these additional sectoral sanctions, we are sending a strong message: the unprovoked and unjustified military aggression waged against Ukraine by the Putin regime with assistance by Lukashenko comes at a high price". 

It modifies Regulation (EC) 765/2006 which set the sanctions against President Lukashenko, the Belarusian leadership and officials responsible for the violations of international electoral standards and international human rights law of 2006.

The Decision also includes further financial restrictions that enter into force posteriorly  (see related interventions).

EU's sanctions on Russia 

On 9 March 2022, the EU instituted its fifth 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 an export ban applicable to Russia (see related state act). 

The first package was adopted earlier on 25 February 2022, the third package was adopted on 28 February 2022, and the fourth package was announced on 2 March 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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Inception date: 20 Mar 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 9 March 2022, the European Union adopted Council Regulation (EU) 2022/398 forbidding the provision of specialised financial messaging services used to exchange financial data to the following three state-owned Belarusian banks: Belagroprombank, Bank Dabrabyt, and the Development Bank of the Republic of Belarus, as well as their subsidiaries. The measure enters into force on 20 March 2022.

The measure forms part of the fifth sanctions package issued by the EU against Russia and Belarus in the context of the attack on Ukraine. In this context, the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell, noted: "With these additional sectoral sanctions, we are sending a strong message: the unprovoked and unjustified military aggression waged against Ukraine by the Putin regime with assistance by Lukashenko comes at a high price". 

It modifies Regulation (EC) 765/2006 which set the sanctions against President Lukashenko, the Belarusian leadership and officials responsible for the violations of international electoral standards and international human rights law of 2006.

The Decision also includes further financial restrictions (see related interventions).

EU's sanctions on Russia 

On 9 March 2022, the EU instituted its fifth 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 an export ban applicable to Russia (see related state act). 

The first package was adopted earlier on 25 February 2022, the third package was adopted on 28 February 2022, and the fourth package was announced on 2 March 2022 (see related state acts). The packages have been closely coordinated with G7 and NATO allies. 

 
 
 
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Inception date: 12 Apr 2022 | Removal date: open ended

Controls on credit operations

On 9 March 2022, the European Union adopted Council Regulation (EU) 2022/398 setting up additional financial restrictions on Belarusian entities in the context of its involvement in the Russian attack on Ukraine.  In particular, the regulation prohibits the provision of financial services and the transfer of securities to any legal person, entity or body established in Belarus and with over 50 % public ownership. The definition of "transferable securities" is specified to include crypto assets as well and the measure's scope includes trading venues as well. These measures enter into force on 12 April 2022.

The measure forms part of the fifth sanctions package issued by the EU against Russia and Belarus in the context of the attack on Ukraine. In this context, the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell, noted: "With these additional sectoral sanctions, we are sending a strong message: the unprovoked and unjustified military aggression waged against Ukraine by the Putin regime with assistance by Lukashenko comes at a high price". 

It modifies Regulation (EC) 765/2006 which set the sanctions against President Lukashenko, the Belarusian leadership and officials responsible for the violations of international electoral standards and international human rights law of 2006.

The Decision also includes further financial restrictions before 12 April 2022 (see related interventions).

EU's sanctions on Russia 

On 9 March 2022, the EU instituted its fifth 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 an export ban applicable to Russia (see related state act). 

The first package was adopted earlier on 25 February 2022, the third package was adopted on 28 February 2022, and the fourth package was announced on 2 March 2022 (see related state acts). The packages have been closely coordinated with G7 and NATO allies. 

 
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