Sanctions update 3/ 2023

EU imposes 10th sanctions package and new sanctions from US and UK.

Sanctions update – oil price cap

On 4 February 2023, members of the Price Cap Coalition (G7 plus EU and Australia) reached consensus on price caps for seaborne Russian-origin petroleum products falling under CN code 2710.

Sanctions update December (part 2)

Further to our previous sanctions newsletters we herewith inform about recent sanctions developments, following the Council’s adoption of the ninth sanction package on 16 December 2022, and an agreement as to a price cap on Russian gas.

Sanctions update December 2022

Further to our previous sanctions newsletters we herewith inform about recent sanctions developments as follows.

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.

Sanctions update 14 October

Further to our previous sanctions updates of 25 February, 3 March, 11 March, 16 March , 14 April and June 8 and 22 July, we herewith provide a further update of recent sanctions developments following Russia’s war against Ukraine:

Sanctions update 22 July

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 8

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

Sanctions update April 14

Further to our previous sanctions updates Sanctions update March 16, Sanctions Newsletter update 11 of March, Sanctions newsletter of 3 of March, Sanctions newsletter of 25 of February, we herewith provide a further update of recent sanctions developments following Russia’s war against Ukraine:

Sanctions update 16 March 2022

Further to our previous sanctions updates we herewith provide a further update of recent sanctions developments:

Sanctions update including counter measures by Russia

Further to our previous sanctions updates we herewith provide a further update of recent sanctions developments:

Sanctions update 3 of March

Further to our sanctions newsletter of 25 of February, as amended, EU announced on 2 of March it has imposed the following additional sanctions against Russia and Belarus:

Update on the EU, UK and US sanctions against Russia and Belarus

In the past few days EU, UK and US have issued sanctions against Russia and Belarus in response to Russia’s invasion of Ukraine. Of particular importance is yesterday’s action by the US to sanction the two largest Russian banks, VTB Bank and Sberbank. UK has also sanctioned VTB Bank and it is not unlikely that EU will follow suit within short. Business dealings involving these banks, as well as all other sanctioned entities, will be severely affected. The sanctions can be summarised as follows:

Sanctions against Russia - what to expect?

There is at present intense speculation what counter measures in terms of sanctions that the US, EU and UK will implement against Russia in response to its threat against and potential invasion of Ukraine. There are several possible explanations for why information of the counter measures have not been made public. The silence could be deliberate because uncertainty makes the sanction threat more powerful. The silence could also be due to that the decision makers are not in agreement – within the EU it would seem that at least the sanctioning of the Nord Stream 2 pipeline and Russian gas is a contentious issue.