EU: Proposal to extend trade sanctions against Russia for six months

A proposal for a new package of measures to extend trade sanctions against Russia for six months

A proposal for a new package of measures to extend trade sanctions against Russia

The European Commission today adopted a joint proposal for a new package of measures to maintain and strengthen the effectiveness of the EU's six broad-ranging and unprecedented packages of sanctions against Russia.

According to the EC release, this “maintenance and alignment” package:

  • Clarifies a number of provisions to strengthen legal certainty for operators and enforcement by EU Member States
  • Further aligns the EU's sanctions with those of allies and partners, in particular in the G7
  • Reiterates the EC’s position to protect food security around the globe

Today's package will introduce a new import ban on Russian gold, while reinforcing EU dual-use and advanced technology export controls. The package also reiterates that EU sanctions do not target trade in agricultural products between third countries and Russia. The text clarifies the exact scope of some financial and economic sanctions.  

Finally, it is proposed to extend the current EU sanctions for six months, until the next review at the end of January 2023.

The package will now be discussed by EU Member States in the Council in view of its adoption.

For more information on sanctions and other responses to Russia’s war on Ukraine, visit KPMG’s dedicated website.


Contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
E: aahanchian@kpmg.com

Christopher Young
Principal
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
E: gbelotto@kpmg.com

George Zaharatos
Principal
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
Principal
E: jlibby@kpmg.com

 

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