The Council of the EU has adopted a fourth package of measures against certain economic sectors and individuals because of Russia's military aggression against Ukraine.
The measures prohibit, among other things, all transactions with certain state-owned enterprises, new investments in the Russian energy sector and the provision of credit rating services to Russian persons or entities. In addition, further trade restrictions are imposed on certain products of the Russian iron and steel industry and on luxury goods. In addition, the list of sanctioned oligarchs has been expanded.
The most important changes to Council Regulation (EU) 2022/428 in detail:
• New definitions have been added in Article 1.
• Article 3 now contains a ban on all Annex II goods (previously subject to authorisation) with old contract provision in para. 4 until 17.09.22.
• Article 3a: Prohibitions on participation, investment, etc. in companies in the energy sector
• Article 3g i.V.m. (Annex XVII) contains a ban on the purchase, transport and import of selected iron and steel products into the EU.
• Article 3h (newly added) i.V.m. Annex XVIII concerns the export of luxury goods worth more than EUR 300.
• Article 5aa (newly added) contains a prohibition to conduct business (with exceptions) with organisations listed in Annex XIX.
• Article 5j (newly added): Prohibition of credit rating services as from 15.04.2022.
• New version (shortened) of the prohibition of circumvention in Article 12
Links:
Russia’s military aggression against Ukraine: fourth EU package of sectoral and individual measures
Council Regulation (EU) 2022/428
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