Following is part 8 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: EU SANCTIONS AGAINST THE RUSSIAN FEDERATION – JULY 2022

POST 8: October 2022 PACKAGE

On 5 October 2022, the European Union approved an eighth round of sanctions on Russia. The latest package introduces new import- and export restrictions, and extends sanction measures to include the non-government-controlled regions of Zaporizhzhia and Kherson.

The October package also imposes a price cap on Russian oil for third countries, allowing European operators to undertake and support the transport of Russian oil to third countries, if the price remains under a pre-set “cap” (after 5 December 2022 for crude and 5 February 2023 for refined petroleum products, pending a further decision by the Council).

8th Sanction Package (5 October 2022):

• a ban on the import of Russian finished and semi-finished steel products (subject to a transition period for some semi-finished products), machinery and appliances, plastics, vehicles, textiles, footwear, leather, ceramics, certain chemical products, and non-gold jewelry;
• prohibition of the export of coal, including coking coal (which is used in Russian industrial plants), specific electronic components used in Russian weapons), technical items used in the aviation sector, as well as certain chemicals which could be used to support Russia’s military, industrial and technological efforts or in the development of its defense and security sector;
• technical assistance is allowed for brokering services or financing or financial assistance related to the maritime transportation of crude oil or petroleum products, which originate in or are exported from Russia, have been purchased at or below a pre-established price cap and are destined to third countries;
• prohibition to provide a broader range of services to the Russian government and to legal persons in Russia, specifically, consultancy services in the fields of IT, law, architecture, and engineering;
• additional sanctions targeting key Russian individuals including specifically named decision makers, military officials, politicians, etc.;
• ban on all crypto-asset wallets, accounts, or custody services to Russian persons and residents, irrespective of the amount of the wallet;
• prohibition for EU nationals to hold posts in the governing bodies of certain Russian state-owned enterprises;
• a ban on all transactions with the Russian Maritime Register, a 100 % state-owned entity which performs activities involving the classification and inspection of Russian and non-Russian ships and crafts;
• extension of the port access and lock ban currently imposed on the territory of the Union to include all vessels certified by the Russian Maritime Register of Shipping.

Sanctions have also been extended geographically to include the non-government-controlled oblast of Kherson and Zaporizhzhia together with the previously sanctioned oblasts of Luhansk and Donetsk.

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: .**