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ANNOUNCEMENT 03 Jun 2022
In June 2022, the European Union adopted new trade, financial and sectoral sanctions against Russia in the context of its invasion of Ukraine. The measure includes an import ban on Russian oil, the exclusion of 3 more Russian banks from the SWIFT payment system, and the suspension of broadcasting activities of 3 more Russian agencies.
NUMBER OF INTERVENTIONS
3
SOURCE
EUR-Lex, Official Journal of the EU. "Council Regulation (EU) 2022/879 of 3 June 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine". 03/06/2022. Available at:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.153.01.0053.01.ENG&toc=OJ%3AL%3A2022%3A153%3ATOC
Council of the EU, Press release. "Russia’s aggression against Ukraine: EU adopts sixth package of sanctions". 03/06/2022. Available at:
https://www.consilium.europa.eu/en/press/press-releases/2022/06/03/russia-s-aggression-against-ukraine-eu-adopts-sixth-package-of-sanctions/
On 3 June 2022, the European Union adopted Council Regulation (EU) 2022/879 prohibiting the import of Russian oil and suspending the broadcasting activities of 3 new Russian state-owned media outlets in the EU. In particular, the measure:
In particular, the import ban was introduced via a modification of Regulation (EU) No 269/2014 which set sanctions in the context of the Crimea conflict. The measure enters into force the day following its publication on the official gazette.
The Regulation also includes further financial, trade and sectoral restrictions (see related interventions).
EU's sanctions on Russia and Belarus
On 3 June 2022, the EU adopted its sixth package of measures targetting the Russian Federation for its invasion of Ukraine, as well as Belarus for its involvement. The package includes 4 other regulations establishing targeted restrictive measures on Russian and Belarusian politicians and high-profile individuals, trade restrictions, as well as other capital control and financial restrictions (see interventions and related state acts).
AFFECTED SECTORS
Controls on commercial transactions and investment instruments
On 3 June 2022, the European Union adopted Council Regulation (EU) 2022/879 prohibiting the provision of specialised financial messaging services used to exchange financial data to the following 3 Russian banks: Sberbank, Credit Bank of Moscow, and Joint Stock Company Russian Agricultural Bank (JSC Rosselkhozbank). In particular, the measure effectively excludes these 3 banks from the SWIFT payment system.
In particular, the import ban was introduced via a modification of Annex XIV of Regulation (EU) No 269/2014 which set sanctions in the context of the Crimea conflict. The measure enters into force on 14 June 2022.
The Regulation also includes further trade and sectoral restrictions (see related interventions).
EU's sanctions on Russia and Belarus
On 3 June 2022, the EU adopted its sixth package of measures targetting the Russian Federation for its invasion of Ukraine, as well as Belarus for its involvement. The package includes 4 other regulations establishing targeted restrictive measures on Russian and Belarusian politicians and high-profile individuals, trade restrictions, as well as other capital control and financial restrictions (see interventions and related state acts).
On 3 June 2022, the European Union adopted Council Regulation (EU) 2022/879 prohibiting the export, selling, supplying, or transferring of certain goods and services to Russia. In particular, the regulation:
Notably, some exceptions apply, such as transactions necessary for humanitarian purposes and for the fulfilment of contracts with EU counterparts.
In particular, the measures were introduced via a modification of Regulation (EU) No 269/2014 which set sanctions in the context of the Crimea conflict. The measures enter into force the day following its publication on the official gazette.
The Regulation also includes further financial, trade and sectoral restrictions (see related interventions).
EU's sanctions on Russia and Belarus
On 3 June 2022, the EU adopted its sixth package of measures targetting the Russian Federation for its invasion of Ukraine, as well as Belarus for its involvement. The package includes 4 other regulations establishing targeted restrictive measures on Russian and Belarusian politicians and high-profile individuals, trade restrictions, as well as other capital control and financial restrictions (see interventions and related state acts).