What Does the EU's 'Sanctions on Russia' Package Cover?

Blog / What Does the EU's 'Sanctions on Russia' Package Cover?

The leaders of the EU countries agreed to new sanctions on Russia, which launched military action against Ukraine. The content of the sanctions package includes wide-ranging restrictions, especially economic ones. The sanctions cover export prohibition, financial sector restriction, transportation, energy, and visa restrictions.

The EU Has Imposed Sanctions on Vladimir Putin and Sergey Lavrov

On February 25, 2022, the EU decided to freeze the assets of Russian President Vladimir Putin and Foreign Minister Sergey Lavrov. In addition, the EU has imposed restrictive measures on the members of the National Security Council of the Russian Federation and the remaining members of the Russian State Duma who support Russia's recognition of the self-proclaimed Donetsk and Luhansk "republics."

The Council also reached an agreement on a package of economic and individual restrictive measures to respond to the unjustified military aggression of the Russian Federation against Ukraine. These sanctions cover the following sectors:

  • Financing
  • Energy
  • Transport
  • Technology
  • Visa policy

These resolutions rapidly implement the Council of Europe resolutions of 24 February and demonstrate the unity and determination of the European Union, together with international allies and partners, to defend the peace order and international law.

On February 23, 2022, the Council agreed on the first package of sanctions in response to Russia's recognition of the non-government districts of Donetsk and Luhansk oblasts in Ukraine as independent entities.

Get to know the Russia Sanctions of Countries on the Axis of Russia-Ukraine War more closely.

Asset Freezes and Travel Restrictions

Fifty-two organizations and 654 persons were subjected to asset freezes and travel bans because their actions undermined Ukraine's territorial integrity, sovereignty, and independence. The lists of sanctioned organizations and persons are constantly reviewed and periodically updated by the Council.

March March 2014, these measures were implemented, and the most recent decision was extended to March 15, 2022.

Restrictions on economic relations with the Crimea and Sevastopol

It adopted restrictive measures in response to the illegal annexation of Crimea and Sevastopol by the Russian Federation by decisions taken at the Council of the European Union.

The measures apply to EU citizens and EU-based companies. Their scope is limited to the Crimea and the Sevastopol region.

These measures include: 

  • prohibition of import of goods
  • trade and investment restrictions related to particular economic sectors and infrastructure projects
  • prohibition of the provision of tourism services
  • prohibition of the export of certain goods and technologies

On June 21, 2021, the Council extended these measures taken until June 23, 2022.

What Is Swift Banking and How It Can Be Used To in Sanctions Against Russia

Economic Sanctions Aimed at Exchanging with Russia in Certain Economic Sectors

September July and September 2014, the EU imposed economic sanctions aimed at exchanges with Russia in certain economic sectors.

In December March 2015, EU leaders decided to adopt the current sanctions regime to fully implement the Minsk agreements scheduled for the end of December 2015. However, because this council did not take place, it had extended the economic sanctions until July 31, 2016.

July 1, 2016, economic sanctions have been extended for six consecutive months Dec.

The decision to extend them was taken each time after assessing the implementation of the Minsk agreements. As a result, economic sanctions have already been extended until July 31, 2022.

These restrictive measures:

  • Limiting access to the EU primary and secondary capital markets for certain Russian banks and companies
  • Imposing an export and import ban on the arms trade
  • Imposing an export ban on dual-use goods for military use or military end-users in Russia
  • Implement an export ban on goods and technology in the aerospace industry
  • Restricting Russia's access to certain sensitive technologies and services that can be used for oil production and exploration

On February 23, 2022, the Council decided to impose a sectoral ban on the financing of the Russian Federation, its government, and the Central Bank. The EU seeks to limit the financing of escalating and aggressive policies by restricting the ability of the Russian state to access the European Union's capital and financial markets and services.

Measures on Economic Cooperation

EU leaders introduced restrictions on economic cooperation in July 2014:  

• The European Investment Bank (EIB) has been asked to suspend the signing of new financing operations in the Russian Federation 

• The EU member states have agreed to coordinate their positions within the Board of Directors of the European Bank for Reconstruction and Development (EBRD) in order to suspend the financing of new operations.

• The implementation of the EU's bilateral and regional cooperation programs with Russia has been re-evaluated, and some programs have been suspended.

Message From EU Leaders

EU leaders delivered 'unity and determination' messages before entering the meeting.

Belgian Prime Minister Alexander De Croo said that EU sanctions should be "painful," as advanced as possible. Slovenian Prime Minister Janez Jansa stated that a ban on flights in the airspace should be imposed so that Ukraine can defend itself, and NATO can do this.

Finnish Prime Minister Sanna Marin said that Russian President Vladimir Putin is "not a leader to be negotiated with," but still hopes that diplomacy will be used.

Lithuanian President Gitanas Nausea also said, "We don't have the luxury of being an international discussion club. We have to take action." said. Nausea, who wants Ukraine to be granted EU candidacy status, said that they should be much more determined towards Russia today, drawing lessons from the past.

Luxembourg Prime Minister Xavier Bettel said that "sanctions will also cost Europe dearly," adding: "But peace has a price."

"There is no need for cheap speeches anymore," said Polish Prime Minister Mateusz Morawiecki, calling for very heavy sanctions on Russia. Emphasizing that the eastern flank of NATO urgently needs to be strengthened, Morawiecki said: "We are buying gas from Russia, we are buying oil. Putin is taking money from us and turning it into aggression. We have to stop it," he said. "At the moment, the whole world is looking at what we are going to do," Morawiecki said, stressing that the decisions that the EU will make these days are of historical importance for Europe.

The EU Commission building was illuminated with the colors of the Ukrainian flag in solidarity with Ukraine ahead of the EU Leaders Summit. In addition, the yellow and blue colors of the flag were projected onto the building.

The Importance of US Sanctions in The Russia-Ukraine Crisis


You Might Also Like


//}