Russia Sanctions: 4th sanctions package

We have summarised the most important changes you need to be aware of:

• In particular point 1 below is of utmost importance for you and needs urgent attention. All transactions need to be stopped immediately, unless concluded before 16 March – then they can be executed until 15 May.  
• Looking at the sanctioned iron and steel products, GPI should be fine. I enclose an annex on the relevant products nevertheless. Please check.
• As to the providing of equipment, technology and services to the energy sector, the list of (i) relevant dual-use goods and technology as well as relevant (ii) technological enhancement goods and technology is unchanged, but you should still double check whether you have any relevant products under these lists that you supply to the energy sector.
• Last, regarding dual-use goods (and technical assistance), the list of goods remains unchanged, but the list of problematic recipients has been expanded. Please check the annex regarding the added persons.

In the new sanctions package, the EU Council has decided to:

1. prohibit all transactions with certain state-owned enterprises.

These enterprises are the following, including subsidiaries in which they hold more than 50 % and entities acting on their behalf or at their direction:

2. prohibit the provision of any credit rating services, as well as access to any subscription services in relation to credit rating activities, to any Russian person or entity;
3. expand the list of entities and persons (see Annex) connected to Russia's defence and industrial base, on whomtighter export restrictions are imposed regarding dual-use goodsand goods and technology which might contribute to Russia's technological enhancement of its defence and security sector;

3 (a) prohibit new investments in the Russian energy sector and (b) introduce a comprehensive export restriction on equipment, technology and services for the energy sector, with the energy sector defined as i) the exploration, production, distribution within Russia or mining of crude oil, natural gas or solid fossil fuels, the refining of fuels, the liquefaction of natural gas or regasification; (ii) the manufacture or distribution within Russia of solid fossil fuel products, refined petroleum products or gas; or (iii) the construction of facilities or installation of equipment for, or the provision of services, equipment or technology for, activities related to power generation or electricity production.

4. introduce further trade restrictionsconcerning iron and steel (see Annex), as well as luxury goods.
5. Furthermore, the Council decided to sanction key oligarchs, lobbyists andpropagandists pushing the Kremlin's narrative on the situation in Ukraine as well as keycompanies in the aviation, military and dual-use, shipbuilding and machine-building sectors. Oligarchs and entities included today are the following:

author: Christoph Haid