Sanctions against Russia. Recent Developments (9 August update)


On 21 July 2022, Council of the EU adopted a seventh package of sanctions targeting Russia.

The new package establishes new bans and exemptions for sectoral sanctions. It also targets new persons and entities, including Sberbank.

Additionally, the US expanded their individual sanctions.

Below is an overview of the latest sanctions. For more information on the EU and US sanctions, as well as Russian counter measures, please refer to our previous legal alerts.

EU sanctions

  1. EU adopted seventh package of sanctionsSectoral sanctions


    Exemptions from prohibition to sell luxury goods. Gold and jewelry is now exempt if they are purposed for personal use of natural persons travelling from the European Union or members of their immediate families travelling with them, owned by those individuals and not intended for sale (Article 3 h);

    Exemptions from the ban to sell listed goods which could contribute to the enhancement of Russian industrial capacities. Now competent authorities may authorize sale of such listed goods necessary for:

    • medical or pharmaceutical purposes, or for humanitarian purposes, such as delivering or facilitating the delivery of assistance, including medical supplies, food, or the transfer of humanitarian workers and related assistance or for evacuations; or
    • the exclusive use and under the full control of the authorizing Member State and in order to fulfil its maintenance obligations in areas which are under a long-term lease agreement between that Member State and the Russian Federation (Article 3 k).

    Exemptions from prohibition to engage with listed persons owned by Russia, its Government or Central Bank. Wind-down period was extended until 31 December 2022 (previously it was 5 September). Additionally, the following transactions became authorized:

    • transactions which are strictly necessary for the direct or indirect purchase, import or transport of natural gas, titanium, aluminum, copper, nickel, palladium and iron ore from or through Russia into the Union, a country member of the European Economic Area, Switzerland, or the Western Balkans are authorized. Before they were authorized unless otherwise prohibited by other provisions of the Regulation;
    • transactions which are necessary for the purchase, import or transport of pharmaceutical, medical, agricultural and food products, including wheat and fertilizers whose import, purchase and transport is allowed;
    • transactions which are strictly necessary to ensure access to judicial, administrative or arbitral proceedings in a Member State, as well as for the recognition or enforcement of a judgment or an arbitration award rendered in a Member State and if such transactions are consistent with the objectives of sanctions (Article 5 aa).

    Transferrable securities. Prohibition for the EU central securities depositories to provide any services for transferable securities issued after 12 April 2022 now does not extend to nationals of the member states, of a country member of the European Economic Area or of Switzerland, or to natural persons having a temporary or permanent residence permit in a Member State, in a country member of the European Economic Area or in Switzerland. Previously, the exemption did not cover country member of the European Economic Area  and Switzerland (Article 5 e);

    Provision of management services. Prohibition to register, provide a registered office, business or administrative address as well as management services to, a trust or any similar legal arrangement having as a trustor or a beneficiary Russian nationals or affiliated persons does not apply when the trustor or beneficiary is a national of a Member State or a natural person having a temporary or permanent residence permit in a Member State, in a country member of the European Economic Area, or in Switzerland. Previously, the exemption did not cover country member of the European Economic Area  and Switzerland (Article 5 m);

    Consulting services. Prohibition to provide, directly or indirectly, accounting, auditing, including statutory audit, bookkeeping or tax consulting services, or business and management consulting or public relations services to Russian nationals or affiliated persons does not apply when the trustor or beneficiary is a national of a Member State or a natural person having a temporary or permanent residence permit in a Member State, in a country member of the European Economic Area, or in Switzerland. Previously, the exemption did not cover country member of the European Economic Area  and Switzerland (Article 5 n);

    Aviation. Prohibitions related to the aviation industry will not apply to the exchange of information aimed at establishing technical standards in the framework of the International Civil Aviation Organization in relation to goods and technology (Article 3 c).


    New restrictions

    ►Extension of the existing port access ban to locks to any vessel registered under the flag of Russia, except for access to locks for the purpose of leaving the territory of the EU (Article 3ea);

    Prohibition to purchase, import, transfer gold, waste and scrap gold, as well as gold coins originating from Russia. The ban does not apply to gold necessary for official purposes, as well as for personal use of natural persons travelling to the EU. Additionally, competent authorities may authorize the import of cultural goods which are on loan within formal cultural cooperation with Russia (Article 3 o);

    Deposits. Prohibition to accept deposits exceeding EUR 100,000 now extends to not only Russian nationals or natural persons residing in Russia, as well as legal entities incorporated in Russia, but also to persons established outside the EU and whose proprietary rights are directly or indirectly owned for more than 50 % by Russian nationals or natural persons residing in Russia. Additionally, a previous provision allowing to accept deposits necessary for non-prohibited  cross-border trade in goods and services between the EU and Russia is deleted. Now such deposits may be accepted subject to prior authorization by the competent authorities (Articles 5 b, 5 c);

    ►Sale, supply, transfer, export of dual-use goods and technology originating in the EU, may be authorized if they are intended for ensuring cyber-security and information security for natural and legal persons, entities and bodies in Russia except for its government and undertakings directly or indirectly controlled by that government. Previously transfer of such goods and technology for mentioned purposes was automatically exempt from the prohibition (Article 2).

    Additionally, the new package introduces amendments into the annexes with lists of restricted goods and technology.

  2. EU extended economic sanctions targeting Russia

On 26 July 2022, Council of the EU renewed restrictive measures targeting Russian economic sectors for further six months, until 31 January 2023.

These sanctions are provided in Regulation No. 833/2014 of 31 July 2014 (as amended)  and provide a series of sectoral measures, including restrictions on finance, energy, technology and dual-use goods, industry, transport and luxury goods.

US Sanctions

  1. The United States adopted new personal sanctions

On 29 July 2022, the United States Department of Treasury Office of Foreign Assets Control (OFAC) expanded its Specially Designated Nationals List (SDN List) to include the following entities and individuals:





►BURLINOVA, Natalya Valeryevna;

►IONOV, Aleksandr Viktorovich.

Individual sanctions provide for an asset freeze and a travel ban for individuals.

We are actively following the developments related to those issues and are fully prepared to advise our clients.

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