EU: Further sanctions against Russia

Further restrictive measures against Russia in response to the situation in Ukraine

Further restrictive measures against Russia in response to the situation in Ukraine

The European Commission today announced an agreement of the European Council to adopt further restrictive measures against Russia in response to the situation in Ukraine.

The EC also provided a set of “questions and answers” (Q&As) concerning the restrictive measures against Russia.

According to the EC release, the agreed measures are:

  • Prohibition of any transactions with certain Russian state-owned enterprises across different sectors
  • EU import ban on those steel products currently under EU safeguard measures, with increased import quotas distributed to other third countries to compensate
  • Ban on new investment across the Russian energy sector, with limited exceptions for civil nuclear energy and the transport of certain energy products back to the EU
  • EU export ban on luxury goods (e.g., luxury cars, jewelry)
  • Expansion of list of sanctioned persons and entities
  • Ban on the rating of Russia and Russian companies by EU credit rating agencies and the provision of rating services to Russian clients

In addition, the EU, together with other World Trade Organization (WTO) members, today agreed to deny Russian products and services “most-favored nation” treatment in EU markets. This follows an announcement on 11 March 2022 by G7 members. Read TradeNewsFlash

Read a prior report on EU sanctions: TradeNewsFlash
 

For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
T: 415-963-7861
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
T: 212-954-3094
E: labad@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
T: 202-533-3247
E: aahanchian@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
T: 305-913-2779
E: gbelotto@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
Principal
T: 612-305-5533
E: jlibby@kpmg.com

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.