The European Union has approved a new set of sanctions against Russia in response to their aggression in Ukraine. The sanctions are designed to deter the invasion of Ukraine by increasing economic pressure on the Kremlin. The measures were taken in agreement with international partners, especially with the United States.
On 25 February 2022, Regulation (EU) 2022/328 was adopted, amending Council Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions to destabilize the situation in Ukraine.
New measures adopted
On 15 March 2022, the European Union adopts the fourth package of sanctions against Russia prohibiting:
- all transactions with certain state-owned enterprises,
- the provision of credit rating services to any person or entity in Russia,
- new investments in the Russian energy sector.
The EU Council extended the list of people linked to Russia’s industrial and defence base and introduced trade restrictions on iron and steel and luxury goods as well as sanctions on several persons and entities.
The EU thus expresses its solidarity with the Ukrainian people and proposes, along with its international partners and continues to offer political, financial and humanitarian support.
More details on all the restrictions implemented by the European Union, as well as the chronology of the measures taken, can be found here.
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