EU imposed restrictive measures against Russia in response to the illegal annexation of Crimea and the deliberate destabilization of Ukraine. Such measures include an asset freeze and a travel ban against certain individuals and entities. Additional individuals, involved in the misappropriation of Ukrainian state funds, have been subject to an asset freeze.

Further restrictions target the economic relations with Crimea and Sevastopol, including:

• an import ban on goods from Crimea and Sevastopol;
• restrictions on trade and investment related to certain economic sectors and infrastructure projects;
• a prohibition to supply tourism services in Crimea or Sevastopol;
• an export ban for certain goods and technologies.

The EU also imposed economic sanctions targeting exchanges with Russia in specific economic sectors. For instance, among other restrictions, it is prohibited to:

• import or export arms and related material to or from Russia;
• sell, supply, transfer or export dual-use goods and technology for military use in Russia or to any designated person or entity;
• make loans or credit with a maturity exceeding 30 days to any designated person or entity;
• transact or deal with certain financial instruments issued by designated persons or entities;
• export certain equipment without prior authorization, or provide technical or financial assistance, or other services, in connection with the export, sale, or transfer of such equipment without prior authorization; and
• provide Russian operators with sensitive technologies and services for oil exploration and production (1) in Russian waters deeper than 150 meters, (2) in the offshore area north of the Arctic Circle, or (3) for projects with the potential to produce oil from shale formations through hydraulic fracturing.

 From 23^rd February 2022, the EU has progressively imposed further restrictive measures in response to: (i) Russia’s decision to recognize the non-government controlled areas of Donetsk and Luhansk oblasts as independent entities; and (ii) the unprovoked and unjustified military aggression against Ukraine.

The current EU sanctions regime includes:

• diplomatic measures: the EU decided that diplomats, other Russian officials and business people are no longer able to benefit from visa facilitation provisions, which allow privileged access to the EU¹.
• sanctions on media: on the 2 of March 2022, the EU has suspended the broadcasting activities of Sputnik’ and Russia Today to stopthedisinformation and information manipulation actions by Russian Federation in the UE².
• individual restrictive measures (asset freezes and travel restrictions)³;
• restrictions on economic relations with the non-government controlled areas of Donetsk and Luhansk: the EU has imposed an import ban on goods; restrictions on trade and investment related to certain economic sectors; a prohibition on supplying tourism services; and an export ban on certain goods and technologies⁴.
• financial sanctions: The EU:
  • has limited access to EU primary and secondary capital markets for certain Russian banks and companies;
  • has imposed a ban on transactions with the Russian Central Bank⁵.
  • has imposed a SWIFT ban for seven Russian bank and it prohibited the provision of euro-denominated banknotes in Russia or to any natural or legal person, entity or body in Russia, including the Government and the Central Bank of Russia, or for use in Russia⁶;
  • has imposed restriction to all transactions with certain state-owned companies which are already subject to refinancing restrictions and the provision of credit rating services and bans access to any subscription services in relation to credit rating activities to Russian clients and a prohibition to invest in the Russian energy sector⁷.

     

• trade restrictions: the EU:
  
  • an export ban on dual-use goods and on goods and technology in the space industry and transport⁸ (i.e. there is a ban on the sale of all aircrafts, spare parts and equipment to Russian airlines).
  • The EU has also limited Russian access to certain sensitive technologies and services that can be used for oil production and exploration⁹.
  • The EU imposes a comprehensive export restriction on equipment, technology and services for the energy industry in Russia, with the exception of the nuclear industry and the downstream sector of energy transport¹⁰.

There is also a ban on the overflight of EU airspace and on access to EU airports by Russian carriers of all kinds¹¹.