Since 2014, European Union has progressively imposed sanctions against Russia in response to deliberate destabilization of Ukraine. After February 2022, EU massively expanded the sanctions, which consists of a wide range of financial, economic and trade measures.<\/p>\n
The below represent an effort to provide a brief overview of key sanctions which are currently active:<\/p>\n
Economic Sanctions:<\/strong><\/p>\n Individual Sanctions:<\/strong><\/p>\n Restriction of Transportation:<\/strong><\/p>\n Additional restrictions have been imposed regarding the provision of corporate, legal or other services to Russian nationals and entities of Russian interests.<\/p>\n It shall be prohibited:<\/p>\n (a) Russian nationals or natural persons residing in Russia; In 6th<\/sup> of October 2022, European Union adopted the eighth package of sanctions against Russia. The package lays the basis for the required legal framework to implement\u00a0the oil price cap envisaged by the G7<\/a>. Also, additional individuals and entities have been sanctioned.<\/p>\n The sanctions, also, include an extension of the import ban on steel products and impose new restrictions, including in relation to wood pulp and paper, cigarettes, plastics and finished chemical products such as cosmetics and certain elements used in the jewellery industry. Moreover, exports of coal including coking coal, specific electronic components, technical items used in the aviation sector, as well as certain chemicals are being banned.<\/p>\n The 8th<\/sup> sanction package contains prohibitions on the provision of architectural and engineering services, IT consultancy services and legal advisory services to the Government of Russia or any legal persons, entities, or bodies established in Russia.<\/p>\n Regarding the legal services, the prohibition does not extend to representation, advice, the preparation of documents and verification of documents in the context of legal representation services, namely in matters or proceedings before administrative agencies, courts, other duly constituted official tribunals, and arbitral and mediation proceedings. The restrictions cover the provision of legal services in the field of commercial transaction, negotiations and other dealings with third parties and the preparation, execution and verification of legal documents.<\/p>\n\n
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\n(b) legal persons, entities or bodies established in Russia;
\n(c) legal persons, entities or bodies whose proprietary rights are directly or indirectly owned for more than 50 % by a natural or legal person, entity or body referred to in points (a) or (b);
\n(d) legal persons, entities or bodies controlled by a natural or legal person, entity or body referred to in points (a), (b) or (c);
\n(e) a natural or legal person, entity or body acting on behalf or at the direction of a natural or legal person, entity or body referred to in points (a), (b), (c) or (d).<\/p>\n
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