EU: Expanded sanctions on Russia and Belarus

Agreement among EU Member States to adopt further sanctions

Agreement among EU Member States to adopt further sanctions

The European Commission today announced an agreement among EU Member States to adopt further sanctions in view of the situation in Ukraine and in response to Belarus' involvement.

According to the EC release, the new measures impose restrictive measures on 160 individuals and amend regulations concerning restrictive measures.

The amendments create a closer alignment of EU sanctions regarding Russia and Belarus and will help to guarantee even more effectively that Russian sanctions cannot be circumvented, including through Belarus.

For Belarus, the measures:

  • Introduce Society for Worldwide Interbank Financial Telecommunication (SWIFT) prohibitions similar to those in the Russia regime
  • Clarify that crypto assets fall under the scope of “transferable securities”
  • Further expand the existing financial restrictions by mirroring the measures already in place regarding Russia sanctions

For Russia, the amendment:

  • Introduces new restrictions on the export of maritime navigation and radio communication technology
  • Adds the Russian Maritime Register of Shipping to the list of state-owned enterprises subject to financing limitations
  • Introduces a prior information sharing provision for exports of maritime safety equipment

Read a prior report on EU sanctions: TradeNewsFlash
 

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