ANNOUNCEMENT 03 Jun 2022

In June 2022, the EU extended sanctions against Russia in the context of its invasion of Ukraine. The package includes a series of capital control and financial restrictions on 18 Russian entities.

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

EUR-Lex, Official Journal of the EU. "Council Implementing Regulation (EU) 2022/878 of 3 June 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". 03/06/2022. Available at:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.153.01.0015.01.ENG&toc=OJ%3AL%3A2022%3A153%3ATOC

Council of the EU, Press release. "Russia’s aggression against Ukraine: the EU targets additional 65 individuals and 18 entities". 03/06/2022. Available at:
https://www.consilium.europa.eu/en/press/press-releases/2022/06/03/russia-s-aggression-against-ukraine-the-eu-targets-additional-65-individuals-and-18-entities/

Inception date: 03 Jun 2022 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 3 June 2022, the EU adopted Council Implementing Regulation (EU) 2022/878 adding 18 Russian companies to the list of entities whose funds and economic resources will be frozen within the EU. The new companies subject to an asset freeze and a prohibition from making funds available to them are: 1. JSC GARNIZON; 2. JSC OBORONENERGO; 3. OJSC Ulyanovsk; 4. JSC VOENTELECOM (VOYENTELEKOM); 5. JSC VOENTORG; 6. VOENTEKSTILPROM LLC; 7. INDEPENDENT INSURANCE GROUP; 8. PJSC KAMAZ alias KAMAZ PTC; 9. JSC KRONSHTADT TEKHNOLOGII Group of Companies; 10. Management Company Tatneft-Neftekhim LLC; 11. Nizhnekamsk All-Steel Tyre Plant, LLC; 12. PJSC Nizhnekamskshina; 13. LLC TD KAMA; 14. OJSC Balashikha Casting and Mechanical Plant; 15. JSC REMDIZEL; 16. JSC SUKHOI Company; 17. JSC "121 AIRCRAFT REPAIR PLANT"; and 18. National Settlement Depository (NSD). 

These companies operate in the following sectors: manufacturing of vehicles (off-road, heavy trucks), tanks, tires, metal castings (titanium, magnesium, aluminium), aircraft and aircraft parts, military clothing, as well as logistics and management services, electricity distribution, telecommunication (telephony), clothing services (laundry, dry-cleaning), financial insurance and other related depository services, engineering services, and maintenance services for the aviation sector. 

In particular, these entities were added to Annex I to Regulation (EU) No 269/2014 which set sanctions in the context of the Crimea conflict. The measure entered into force on the same day of its publication. 

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 related state acts). 

 

AFFECTED SECTORS

 
N/A