Following is part 7 of our series on current European Union sanctions against the Russian Federation. Before continuing, be sure to catch up on our previous posts regarding sanctions against the Russian Federation:

Post 1:  EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – AN OVERVIEW
Post 2:  EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – MARCH 2022
Post 3: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – APRIL & JUNE 2022
Post 4: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – CRIMINALIZATION OF SANCTION VIOLATIONS
Post 5: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – LUXURY GOODS
Post 6: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – TRANSFERABLE SECURITIES

POST 7: July 2022 PACKAGE

On 21 July 2022 the European Union adopted a new group of restrictive measures against the Russian Federation as a response to its military aggression against Ukraine. Sanctions amend the Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilizing the situation in Ukraine (sectoral sanctions) and the Regulation (EU) No 269/2014 regarding restrictive measures in respect to actions undermining or threatening the territorial integrity, the sovereignty and the independence of Ukraine (financial sanctions). A “Maintenance and Alignment Package” was introduced to put more pressure on the Russian economic system, as well as to clarify a number of provisions already in force. At the same time, restrictions have been eased in some sectors, most importantly, to promote food security around the world.

Maintenance and Alignment Package (21 July 2022):

• bans imports of all forms of Russian gold into the EU or to any third country, with the exemption of gold jewelry of travelers for their personal use
• bans entry of Russian-flagged vessels to locks
• prohibits acceptance of deposits from legal entities established in third countries and majority-owned by Russian nationals or natural persons residing in Russia
• requires members states to issue prior authorization for the acceptance of deposits for cross-border trade
• requires sanctioned individuals to declare their assets
• broadens the prohibited list of dual-use and advance technology items which may contribute to Russia’s military and technological capabilities (e.g. water cannon systems, other police equipment, certain chemicals and machine tools)
• introduces targeted measures against 54 Russian individuals and 10 entities (including, a large Russian bank “Sberbank”)
• extends the period of current sanctions to the end of January 2023.

Additionally, certain exemptions to the already introduced measures were set, including for:

• trade in agricultural products with third countries with certain state-owned entities
• the transport of oil to third countries with certain state-owned entities
• transactions aimed at providing access to the legal system in EU member state
• export prohibitions for medical and pharmaceutical purposes.

Companies should assess how the amendments included in the latest restrictive measures package or other recent measures introduced by the European Union may affect their business operations.

**Our series of articles on EU restrictive measures are provided for information purposes only and do not constitute legal advice. For professional advice tailored to your particular case, please contact us at: .**