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The EU’s latest package of sanctions against Russia

Author: Zulfi Meerza  20 December 2022
2 min read

Zulfi Meerza of Rahman Ravelli details the ninth sanctions package announced by the European Union.

Following Russia’s attack on Ukraine’s water and heating supplies, the Council of the European Union adopted its ninth package of economic and individual sanctions.

These measures, which were formally adopted on December 15, will come into force once they have been entered into the EU’s Official Journal.

The newly-adopted measures are aimed at export controls and restrictions, as well as banking, broadcasting, consulting services, and energy and mining sectors. They also add a number of additional individuals and entities to the sanctions list.

The designated 141 individuals and 49 entities include members of the Russian government, the president and nine judges of the Constitutional Court of the Russian Federation, 77 military figures and three family members of the Chechen president Ramzan Kadyrov. Five Russian political parties have also been designated.

Entities connected to Russia’s military and industrial complex have been targeted, with the aim of hampering the technological enhancement of Russia’s defence and security sector. These measures relate to the export of dual-use goods and technologies such as key chemicals, nerve agents, night vision and radio-navigation equipment, electronics and IT components. The measures extended in relation to the aviation and space industry include an export ban on aircraft engines and their parts, including a ban on exporting drone engines to Russia or to any third party that could supply drones to Russia. Furthermore, the Council will also prohibit new investments in Russia’s mining sector, which will add to the already extensive targeting of the Russian energy sector. The new measures, however, will exclude the exploitation of certain raw materials such as aluminium, iron or chrome.

Interestingly, the Council of the EU has introduced a new derogation allowing member states to unfreeze the assets of - and make funds and economic resources available to - individuals playing a significant role in the international trade of agricultural and food products, including fertilisers and wheat.

The EU will impose an asset freeze on two additional Russian banks (Credit Bank of Moscow and Dalnevostochny Bank) and add the Russian Regional Development Bank to the list of Russian state-owned or controlled entities subject to a full transaction ban. The Council has initiated the process of suspending the broadcasting licences of four additional media outlets responsible for dispersing war propaganda, namely NTV/NTV Mir, Rossiya 1, REN TV and Pervyi Kanal.

EU nationals will be forbidden from holding any posts on the governing bodies of all Russian state-owned or controlled legal persons, entities and bodies located in Russia.

Joseph Borrell, High Representative for Foreign Affairs and Security Policy, said:

“After food and hunger, Putin is now weaponising the winter, by deliberately depriving millions of Ukrainians of water, electricity and heating. The European Union is responding to this latest escalation and war crime with our 9th package of hard-hitting sanctions. We will continue targeting the economy and against those who are instrumental in this brutal war.’’

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Zulfi Meerza

Senior Associate Solicitor

zulfi.meerza@rahmanravelli.co.uk
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Zulfi’s in-depth expertise in business crime investigations and serious regulatory matters makes him a logical choice to advise and represent corporates, board members, senior business figures and high net worth individuals throughout the life of a case.

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