Trade BarriersSanctions adopted following Russia’s military aggression against Ukraine

On April 8, the Council agreed on new economic sanctions against Russia and Belarus.

 

Key Measures:
  • Import ban on all forms of Russian coal Ban on the import of cement, rubber products, wood, alcoholic beverages or seafood with a volume of around 5.5 billion euros Export bans on high-tech products, means of transport and chemicals
  • Complete transaction ban on four Russian banks Russian and Belarusian freight forwarders are prohibited from operating in the EU
Financial sanctions:
  • The Fisalis list of financial sanctions can be used to check whether a business partner is affected by financial sanctions.
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Counter-sanctions:

On the other hand, Russia has imposed various counter-sanctions:

  • Russian citizens, companies, the state itself or municipalities only pay financial obligations to "unfriendly states" in rubles (this applies to the USA, the Czech Republic, Germany and all other EU members as well as others Ukraine, Switzerland, Japan, UK and Canada)
  • Sale of Foreign Exchange Earnings by Exporters Controlled by Russian Government Russians are also banned from transferring foreign currency abroad or depositing money in foreign accounts, and foreign currency lending to non-residents is prohibited
  • Export from Russia of cash and financial instruments denominated in foreign currency in excess of USD 10,000 is prohibited

Further information & Links

European Commission press release

Q&A on restrictive measures (updated 8th April 2022)

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