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

  • 3 harmful
  • 0 neutral
  • 0 liberalising

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/

Inception date: 04 Jun 2022 | Removal date: open ended

Import ban

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:

  • Prohibits the import or purchase, directly or indirectly, of crude oil or petroleum products from Russia. The affected products are listed in Annex XXV and it includes tariff subheadings 2709.00 and all under 2710. Notably, the Regulation foresees several exceptions for certain oil delivery types, including humanitarian purposes, a temporary exception for imports of crude oil by pipeline (responding to Hungarian concerns), and targetted exceptions to Bulgaria and Croatia concerning the import of Russian seaborne crude oil and vacuum gas oil, respectively.
  • Suspends the broadcasting activities of the following 3 Russian state-owned media outlets in the EU: Rossiya RTR, Rossiya 24, and TV Centre International. It adds these 3 entities to Annex XV of Regulation (EU) No 833/2014, forbidding EU operators to broadcast any content by these agencies and their subsidiaries by any means in the EU, including through transmission or distribution via cable, satellite, IP-TV, and the internet. 

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

 
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Inception date: 14 Jun 2022 | Removal date: open ended

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). 

 
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Inception date: 04 Jun 2022 | Removal date: open ended

Export ban

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:

  • Prohibits the direct or indirect provision of accounting, auditing, bookkeeping or tax consulting, business and management consulting, and public relations services to Russia. This includes both the government of Russia and any other entity established in Russia; and
  • Extends the list of products subject to the export ban of goods and technology which might contribute to Russia's military and technological enhancement. The affected products are listed in Annex VII. It includes other tariff subheadings under HS chapters 28 and 29 that were left out in the first ban adopted in April 2022 (see related state act). According to the EU, the new list also includes "80 chemicals which can be used to produce chemical weapons". 

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). 

 
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