EU HAVE ADOPTED A NEW SET OF MEASURES AGAINST RUSSIA
04/03/2022
Keywords: EU-measures, export ban, airspace, investment, broadcasting, oil refining, SWIFT.
The European Union has imposed new set of sanctions against Russia in connection with the situation in Ukraine. These have consequences for Dutch entrepreneurs who do business with Russia. These new sanctions will not only hit Russia hard, but they will also have consequences for the Dutch economy. As a result of these sanctions, Dutch entrepreneurs cannot sell or supply a number of products and services to companies in Russia. There are also financial constraints that entrepreneurs may face.
The measures that have been imposed by EU will be explained briefly below :
- There is a ban on the overflight of EU airspace to any aircraft operated by Russian air carriers, including marketing carrier, Russian registered aircraft, non-Russian registered aircraft which are owned or chartered, or otherwise controlled by a Russian legal or natural person.
- The prohibition to make transactions with the Russian Central Bank or any legal person, entity or body acting on behalf or at the direction of the Russian Central Bank.
- The provision to exchange financial data (SWIFT) to Bank Otkiritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, VNESHECONOMBANK (VEB),VTB BANK and to any legal person, entity or body established in Russia whose proprietary rights are directly or indirectly owned for more than 50% by the above-mentioned banks is prohibited.
- It is forbidden to invest, participate or otherwise contribute to future projects co-financed by the Russian Direct Investment Fund.
- It is forbidden to sell, supply, transfer or export euro denominated banknotes to Russia or to any natural or legal person, entity or body in Russia, including the government and the Central Bank of Russia, or for use in Russia.
- The prohibition for state-owned media ‘Russia Today and Sputnik' to broadcast in the EU.
- There is an export ban of specific goods and technologies in oil refining to Russia.
- There is an export ban covering goods and technology in the aviation and space industry, the provision of related technical and financial assistance.
- Restrictions on the exports of dual-use goods and technology and the exports of certain goods and technology in defence and security sector including semiconductors or cutting-edge technologies.
- There is a ban on the sale of all aircrafts, spare parts and equipment to Russian airlines.
In case of questions, please feel free to contact NAZALI nazali_amsterdam@nazali.com).
References:
https://www.rvo.nl/actueel/nieuws/nieuwe-sancties-tegen-rusland-hoe-raakt-dat-uw-handel
EU-sanctiepakket wegens Russische erkenning van afvallige regio's Donetsk en Loehansk in Oekraïne en troepeninzet - Consilium (europa.eu)
Russia’s military aggression against Ukraine: EU imposes sanctions against President Putin and Foreign Minister Lavrov and adopts wide ranging individual and economic sanctions - Consilium (europa.eu)
EU adopts new set of measures to respond to Russia’s military aggression against Ukraine - Consilium (europa.eu)
Russia’s military aggression against Ukraine: EU bans certain Russian banks from SWIFT system and introduces further restrictions - Consilium (europa.eu)
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