Information on sanctions imposed and their sources

As a result of the Russian Federation's recognition of the self-proclaimed "People's Republics of Donnetsk and Luhansk" as independent states on February 21, 2022, in violation of international law, and their military occupation and military advance into further Ukrainian territory, the EU, the USA, the UK and other states have each imposed their own packages of sanctions against Russia and the occupied territories in Ukraine. Among others, new Western sanctions target Russia's financial sector. The severe sanctions include sanctions against the Russian Central Bank and the exclusion of individual Russian financial institutions from the SWIFT communications network. Other sanctions include the freezing and blocking of assets, the expansion of capital market sanctions, and territorial restrictions.

The punitive measures target the Russian economy and political elite. They cover six areas in particular:

  • Financial sector: 70 percent of the Russian banking market and key state-owned enterprises – including in the defense sector – are to be cut off from the main capital markets.
  • Energy sector: Export bans are to be imposed with a particular focus on making it impossible for Russia to modernize its oil refineries. 
  • Transport sector: The sale of aircraft and equipment to Russian airlines is to be banned.
  • Industrial sector: Russia's access to key technologies such as semiconductors and state-of-the-art software will be restricted.
  • Granting of visas: Diplomats, business professionals and similar groups will lose their privileged access to the European Union.
  • Restriction of individuals and entities: The measures also target more than 480 individuals and entities that support the war against Ukraine.

Information provided by the German government on sanctions against Russia and their specific economic implications for business.

Source: https://www.bundesregierung.de/breg-en/news/eu-sanctions-2008438

 

Now to consider


Information from German sources

  • DIHK: Russia-Ukraine dossier with a wealth of information for directly or indirectly affected German companies.
  • AHK: Q&A on Russia sanctions in February 2022, an overview of the current sanctions situation.
  • Customs
    • Overview of the restrictions of the embargo
    • Which goods and services are affected?
    • Information from the German Federal Office of Economics and Export Control (BAFA)
    • BAFA information sheet on foreign trade with the Russian Federation
  • Federal Office of Economics and Export Control:
    • EU Dual-Use Regulation - Restriction of exports to Russia –
    • Which goods are affected?
    • Export licenses: What do companies need to check and apply for?
  • Bundesbank: Informations on the sanctions imposed (in German)
  • Bundesanstalt für Finanzdienstleistungen (BaFin): War in Ukraine and worldwide sanctions (in German)
  • Bundesverband deutscher Banken (BdB): Consequences of the war for Europe

 

Information on EU sanctions

 

Information on US Sanctions

 

Information on sanctions from the United Kingdom

 

Information on sanctions from Switzerland

 

For even more comprehensive and detailed information on the current status of sanctions imposed against the Russian Federation, please visit the European Council's website

https://www.consilium.europa.eu/de/policies/sanctions/restrictive-measures-ukraine-crisis/

Disclaimer

On this website, we provide information on a rapidly and very dynamically changing situation. The information may not be conclusive and up-to-date, as new measures are always announced at short notice. The information does not constitute an offer or a solicitation of an offer, but is intended solely as a guide and presentation of possible business activities. It does not claim to be complete and is not binding. The opinions expressed are subject to change without notice. Furthermore, this information does not constitute advice or a recommendation, in particular no investment, legal or tax advice. Any use beyond the use by the addressee is not permitted without our consent. This applies in particular to reproduction, translation, microfilming, storage and processing in electronic media and other publication of the entire content or parts thereof.


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