Further sanctions on Russia and their economic consequences for businesses

by Rafał Szymański and Alicja Szyrner​

17 March 2022

On 15 March 2022, based on Council Implementing Regulation (EU) 2022/427, Council Regulation (EU) 2022/428, Council Decision (CFSP) 2022/429 and Council Decision (CFSP) 2022/430, the European Union imposed  a fourth package of economic sanctions in response to Russia's aggression in Ukraine.

The new sanctions prohibit first of all:

• transactions with certain Russian state-owned companies;
• new investments in the Russian energy sector;
• provision of credit rating services and access to any subscription services in relation to credit rating activities to Russian individuals or businesses.

The EU extended the list of entities connected with the Russian military and industrial sectors and imposed more severe export restrictions in respect of those entities. The restrictions apply to the so-called dual-use items and goods and technologies that may contribute to the strengthening of the Russian military and security sector.

The EU decided to restrict trade in iron, steel and luxury products and to impose sanctions on key Russian companies operating in the aviation, military, shipbuilding and machine building industries.

If you have any questions concerning the economic sanctions imposed by the EU, please contact Rödl & Partner experts.