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, Sanctions 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)