March 4, 2023

On 25 February 2023, the EU published the 10th package of sanctions against Russia. With this update, we would like to inform you on what the 10th package of sanctions entails and how it may affect your business.

Additional persons and entities on the sanctions list

With the 10th package, the EU added 121 persons and entities to the sanctions lists. These additional persons and entities include, amongst others, Russian decision-makers, senior government officials, military leaders and organisations that are involved in the Russian military sector.

New bans on imports and exports

The EU introduced restrictions on export of sensitive dual-use and advanced technologies to the territory of Russia, including electronic components, industrial goods, certain vehicles and construction goods.

Additional import bans have been introduced as well. Imports of bitumen and related materials as well as synthetic rubber and carbon blacks from Russia will no longer be possible.

Financial sector

Three (3) Russian banks, being Alfa-Bank JSC, Rosbank and Tinkoff Bank JSC, have been added to the list of entities subject to the asset freeze and the prohibition to make funds and economic resources available.

Other measures

In addition to the measures mentioned above, the 10th package also prohibits Russian nationals from serving on governing bodies of critical infrastructure companies and from booking gas storage capacity in the EU.

Please feel free to contact CIS Management for further information.