The European Commission welcomes the adoption of the sixth package of restrictive measures against Russia.
The Council of the European Union adopted the following additional measures:
- Oil import restrictions
- Crude and refined oil embargo: These sanctions will come into force with immediate effect, and will phase out Russian oil imports in an orderly fashion. For seaborne crude oil, spot market transactions and execution of existing contracts will be permitted for six months after entry into force, while for petroleum products, these will be permitted for eight months after entry into force. Member States who have a particular pipeline dependency on Russia can benefit from a temporary exemption and continue to receive crude oil delivered by pipeline, until the Council decides otherwise. However, Member States benefiting from this exemption will not be able to resell such crude oil and petroleum products to other Member States or non-EU countries
- Due to its specific geographical exposure, a special temporary derogation until the end of 2024 has been agreed for Bulgaria which will be able to continue to import crude oil and petroleum products via maritime transport. In addition, Croatia will be able to authorise until the end of 2023 the import of Russian vacuum gas oil which is needed for the functioning of its refinery
- Crude and refined oil embargo: These sanctions will come into force with immediate effect, and will phase out Russian oil imports in an orderly fashion. For seaborne crude oil, spot market transactions and execution of existing contracts will be permitted for six months after entry into force, while for petroleum products, these will be permitted for eight months after entry into force. Member States who have a particular pipeline dependency on Russia can benefit from a temporary exemption and continue to receive crude oil delivered by pipeline, until the Council decides otherwise. However, Member States benefiting from this exemption will not be able to resell such crude oil and petroleum products to other Member States or non-EU countries
- Oil transport services
- After a wind down period of 6 months, EU operators will be prohibited from insuring and financing the transport, in particular through maritime routes, of oil to non-EU countries
- This will make it particularly difficult for Russia to continue exporting its crude oil and petroleum products to the rest of the world since EU operators are important providers of such services
- After a wind down period of 6 months, EU operators will be prohibited from insuring and financing the transport, in particular through maritime routes, of oil to non-EU countries
- Financial and business services measures
- An additional three Russian banks, Russia's largest bank Sberbank, Credit Bank of Moscow, and Russian Agricultural Bank – and the Belarusian Bank for Development and Reconstruction – have been removed from SWIFT. These banks are critical for the Russian financial system and Putin's ability to further wage war. It will solidify the isolation of the Russian financial sector from the global system
- The measures on trusts have been refined and appropriate exceptions have been laid down in a revised version of the provision (e.g. for humanitarian purposes or civil society)
- The provision of certain business-relevant services – directly or indirectly – such as accounting, auditing, statutory audit, bookkeeping and tax consulting services, business and management consulting, and public relations services to the Russian government, as well as to legal persons, organisations or bodies established in Russia are now prohibited
- An additional three Russian banks, Russia's largest bank Sberbank, Credit Bank of Moscow, and Russian Agricultural Bank – and the Belarusian Bank for Development and Reconstruction – have been removed from SWIFT. These banks are critical for the Russian financial system and Putin's ability to further wage war. It will solidify the isolation of the Russian financial sector from the global system
- Broadcasting suspension
- The broadcasting activities of another three Russian State outlets – Rossiya RTR/RTR Planeta, Rossiya 24/Russia 24, and TV Centre International – have been suspended. They are among the most important pro-Kremlin disinformation outlets targeting audiences in Ukraine and the EU, and disseminating propaganda in support of Russia's aggression against Ukraine
- Several regulators in EU Member States have already taken action against those Russian state-controlled broadcasters and channels. They will now be barred from distributing their content across the EU, in whatever shape or form, be it on cable, via satellite, on the internet or via smartphone apps
- The advertising of products or services on sanctioned outlets has also been prohibited
- The broadcasting activities of another three Russian State outlets – Rossiya RTR/RTR Planeta, Rossiya 24/Russia 24, and TV Centre International – have been suspended. They are among the most important pro-Kremlin disinformation outlets targeting audiences in Ukraine and the EU, and disseminating propaganda in support of Russia's aggression against Ukraine
- Export restrictions
- The list of advanced technology items banned from export to Russia has been expanded to include additional chemicals that could be used in the process of manufacturing chemical weapons. These are controlled since 2013 for other destinations such as Syria. Moreover, the package further expands the list of natural persons, legal persons or organisations associated with Russia's military-industrial complex. These natural persons, legal persons or organisations are involved in various sectors, such as electronics, communications, weapons, shipyards, engineering and scientific research. This update brings the EU into alignment with United States measures, while other partners are expected to align in the near future
- The package adds the United Kingdom and the Republic of Korea to the Annex of partner countries that have adopted substantially equivalent export restrictions
- The list of Belarusian organisations subject to restrictions has been significantly widened (from 1 to 25). This is related to authorisations for the sale, supply, transfer or export of dual-use goods and technology, as well as goods and technology that might contribute to Belarus's military and technological enhancement, or to the development of its defence and security sector
- The list of advanced technology items banned from export to Russia has been expanded to include additional chemicals that could be used in the process of manufacturing chemical weapons. These are controlled since 2013 for other destinations such as Syria. Moreover, the package further expands the list of natural persons, legal persons or organisations associated with Russia's military-industrial complex. These natural persons, legal persons or organisations are involved in various sectors, such as electronics, communications, weapons, shipyards, engineering and scientific research. This update brings the EU into alignment with United States measures, while other partners are expected to align in the near future
For more information
Details
- Publication date
- 3 June 2022
- Author
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union