Sanctions update 22 July

July 26, 2022

Further to our previous sanctions updates of 25 February, 3 March, 11 March, 16 March , 14 April and June 8, we herewith provide a further update of recent sanctions developments following Russia’s war against Ukraine:

Sanctions update June 8Sanctions update April 14, Sanctions update March 16Sanctions Newsletter update 11 of MarchSanctions newsletter of 3 of MarchSanctions newsletter of 25 of February


EU adopts a seventh sanctions package

On 21 and 22 July, EU expanded sanctions against Russia, and taking steps to enable transactions for agricultural products and transfer of oil to third countries, by way of adopting a seventh sanctions package with the following content:

  • a prohibition to purchase, import, or transfer, directly or indirectly of Russian origin gold and jewellery
  • an extension of the list of sanctioned products which may contribute to Russia’s military and technological enhancement or the development of its defence and security sector
  • the port access ban is extended to include locks
  • expansion of the prohibition on accepting deposits to include those from legal persons, entities or bodies established in third countries and majority-owned by Russian nationals or natural persons residing in Russia. The acceptance of deposits for non-prohibited cross-border trade will be subject to a prior authorisation by the national competent authorities
  • the addition of 54 individuals and 10 entities to EUs asset freeze list including Sberbank. The list now comprises of 1212 individuals and 108 entities. Further, the burden of declaring assets is put onto sanctioned people, in order to facilitate the freezing of their assets in the EU.

With a view to avoid any potential negative consequences for food and energy security around the world, the EU extend the exemption from the prohibition to engage in transactions with certain state-owned entities as regards transactions for agricultural products and the transport of oil to third countries. In a statement, EU stress that none of the measures adopted today or earlier target in any way the trade in agricultural and food products, including wheat and fertilisers, between third countries and Russia. Similarly, EU reiterates that measures do not prevent third countries and their nationals operating outside of the EU from purchasing pharmaceutical or medical products from Russia.

The EU is also introducing a number of clarifications to existing measures, for instance in the field of public procurement, aviation and justice. For instance, technical assistance to Russia for aviation goods and technology will be allowed insofar as it is needed to safeguard the technical industrial standard setting work of the International Civil Aviation Organization, and the prohibition to enter into any transactions with Russian public entities will be slightly amended to ensure access to justice.

The relevant legislation can be found here:

Official Journal of the EU, 21 July 2022 (L193)
Official Journal of the EU, 21 July 2022 (L194)


REPowerEU – The European Parliament and the Council have assumed their standpoints

In May 2022, the Commission presented its proposal regarding REPowerEU. The purpose of the plan, which is based on the "Fit for 55" parcel , is to change Europe’s energy system by eliminating the EU’s dependency on Russian fossil fuels as well as to tackle the climate crisis. The European Parliament and the Council have now adopted their positions in order to incorporate the plan into the national recovery and resilience plans.
November 29, 2022

Vinge authors the Swedish contribution regarding tax disputes for The Legal 500

International companies run the risk of the erroneous management of tax issues when conducting operations in several jurisdictions. In such event, disputes can arise with the relevant tax authorities. The Legal 500 has now introduced a dedicated chapter on tax disputes in its comparative guide for the first time and Ulrika Bengtsson, advokat and counsel, has been selected to provide a clear picture of the Swedish tax litigation system.
November 09, 2022

The wide reach of the prohibition against circumventing EU sanctions

Against the background of Russia’s invasion of Ukraine, the EU has imposed a number of sanctions, which include a prohibition for companies within the EU to take certain measures in relation to Russia, as well as designated Russian people and entities on the sanction lists. Furthermore, a prohibition to circumvent the sanctions has been introduced in order to ensure that the sanctions are effective also in practice. When it comes to this circumvention prohibition, it is important to be aware of its wide interpretation, as established by the Court of Justice of the European Union and the European Commission.
October 31, 2022