Further EU and UK Sanctions Targeting Russia

Further EU and UK Sanctions Targeting Russia

December 19, 2022, Covington Alert

On December 16, 2022, the Council of the European Union (the “Council”) imposed a new round of economic and individual sanctions in response to Russia’s war against Ukraine. This is the ninth package of sanctions adopted by the EU since Russia’s invasion started in February 2022. The new measures include, among other measures, further export restrictions, investment restrictions targeting the mining and quarrying sector, further sanctions on Russian state owned entities, advertising and other business service restrictions, and additional asset-freezing designations.

The EU measures followed the introduction by the UK government of further sanctions restrictions on Russia on 15 December. The new UK restrictions include, among other measures, new prohibitions on the provision by UK parties of advertising, architectural, auditing, engineering and IT consultancy and design services to persons connected with Russia (similar to pre-existing EU professional services sanctions), and a new prohibition on the provision of trust services to persons specifically designated under the UK’s Russia sanctions. Changes also have been made to certain of the existing UK sanctions measures targeting Russia, including, among others: the addition of new restricted “critical industry” and defence and security goods and technology, and amendments to existing restrictions to prevent dealings in securities or money-market instruments, or loans or credit , that might facilitate otherwise prohibited investments in Russia.