News alert: EU adopts a“fifth wave” of sanctions against Russia and Belarus

Today, on 8 April 2022, the EU Council decided to impose a fifth round of sanctions against Russia in reaction to Russia’s ongoing war of aggression against Ukraine. The package includes economic and individual restrictive measures aimed at increasing pressure on the Russian government and limiting the resources for Russia´s inhuman behaviour.

This new package comprises:

  • An import ban on coal and other solid fossil fuels from Russia, cutting another important revenue source for Russia. Valuation: EUR eight billion per year.
  • Further export bans in crucial areas such as, advanced semiconductors, sensitive machinery, software and transport equipment. Valuation: EUR ten billion per year.
  • New import bans in order to cut the money stream of Russia and its oligarchs on products including wood, cement and fertilisers. Valuation: EUR five and a half billion per year.
  • Moreover, a ban on Russian and Russian operated vessels from accessing EU ports. Certain exemptions will cover essentials, such as agricultural and food products, humanitarian aid as well as energy.
  • A ban on Russian and Belarusian road transport operators in order to drastically limit the options for the Russian industry to obtain key goods.
  • Targeted economic measures aimed to reinforce existing measures, including the general EU ban on participation of Russian companies in public procurement in Member States, and an exclusion of all financial support, be it European or national, to Russian public bodies. Because European tax money should not go to Russia in whatever shape or form.
  • A full transaction ban is imposed on four key Russian banks – among them VTB, the 2nd largest Russian bank – in order to further weaken Russia’s financial system.
  • Finally, additional asset freezes against individuals and companies whose products or technology have played a key role in the invasion.

Please note that the legal acts are not yet published in the official journal, but it is expected that they are published soon.

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