The FIAU would like to inform subject persons about the set of measures adopted against Russia under the EU’s 18th package of sanctions.
The measures include the following:
- The designation of 14 individuals and 41 entities involved in undermining Ukraine’s sovereignty.
- Prohibitions related to 26 new entities supporting Russia’s military-industrial complex, including those in third countries facilitating circumvention of export restrictions, particularly concerning unmanned aerial vehicles. The list of items restricted under these measures have also been expanded.
- Member States are given an optional mechanism to require prior authorisation for exports of certain dual-use items suspected to be ultimately diverted to Russia (to prevent circumvention via indirect exports through third countries).
- A ban on importing petroleum products derived from Russian crude via third countries, with guidelines for proving compliance. Provisions were made to prohibit imports of Russian LNG through certain Union terminals.
- The transaction ban in Regulation (EU) No 833/2014 was broadened to include actions by Union subsidiaries acting on behalf of listed Russian parent companies, with the possibility of imposing public trusteeships or firewall measures to ensure compliance. Amendments addressed the use of Russia’s financial messaging system SPFS to circumvent sanctions, extending transaction bans accordingly.
- The transaction ban was expanded to include third-country financial institutions and crypto asset providers adding specific entities to the banned list.
- A dynamic price cap mechanism on Russian crude oil exports was introduced to adjust the cap based on market prices, with transition periods for existing contracts and regular reporting to the Council.
- The Russian Direct Investment Fund (RDIF) was targeted with a transaction ban, including banning investment services to the RDIF and its significant investments.
- Measures were adopted to restrict vessels linked to Russia’s shadow oil tanker fleet from entering EU ports or receiving services.
- Restrictions on software used in the Russian banking and financial sector were imposed to hinder its development.
- The scope of objections available to Member States was expanded to cover enforcement of arbitral awards contrary to public policy under the 1958 Convention.
For further information, subject persons should refer to the Sanctions Monitoring Board(SMB)’s website.
The FIAU, would like to stress to subject persons the importance of keeping abreast of any developments related to their obligations, including being up to date with the latest sanctions and restrictive measures imposed by the EU against Russia, and to ensure adherence to them.
For any queries relating to this notice and to sanctions in general, subject persons are to seek direction from the SMB via email on the following email address: [email protected]
Sanctions