On December 16th 2022 the EU adopted its ninth
package of Russian sanctions. Of particular significance for Group Club members
was Council Regulation (EU) /2474 which further amended Regulation (EU)
/2014.
EU sanctions apply in the following circumstances:
A further 200 individuals and entities have been
designated to the EU sanctions list, meaning they are subject to an assets
freeze. This includes Russian armed forces, defence industrial companies,
members of the Russian Parliament (State Duma and Federation Council) and
political parties.
Dual-use goods & technologies
New export restrictions have been introduced on dual-use
goods and advanced technologies that can contribute to the technical
advancement of Russia’s defence and security sector. This includes a ban on
exporting drone engines, certain chemical and biological equipment, riot
control agents and electronic components to Russia.
An additional 168 entities have been added to the list of
entities closely linked to Russia’s military and industrial complex, to whom
these tighter export restrictions apply. This includes certain
Russian-controlled entities based in Crimea or Sevastopol.
It is not prohibited under EU sanctions to transport
Russian liquified natural gas (LNG). However a reporting obligation has been
introduced to ensure that restricted natural gas condensate products are not
transported into the EU or to third countries.
EU companies are required to inform the competent authority of the EU
Member State where they are located of the import or transport into the EU or
to third countries, of natural gas condensates from LNG production plants,
originating in or exported from Russia.
Two Russian banks have been added to the EU sanctions
list, the Bank of Moscow and Dalnevostochniy Bank. The Russian Regional
Development Bank has been added to the list of Russian State-owned or
controlled entities (Art 5a) that are subject to a full transaction ban.
