UPDATE — European Union Imposes Severe Sanctions on Russia
- 17/03/2022
- News
In response to Russia’s recognition of the Donetsk and Luhansk regions of Ukraine on 22 February 2022 and its continuing military aggression against Ukraine starting on 23 February 2022, the European Union has so far adopted four packages of sanctions severely restricting economic relations with Russia, Russian entities and persons including, inter alia, far-reaching restrictions on (i) financial transactions, (ii) exports of dual-use items, oil refining, aerospace, and maritime navigation goods, (iii) imports of iron and steel products and (iv) transactions with certain Russian state-owned enterprises.
This Client Alert identifies the relevant regulations, explains what sanctions apply, and flags key compliance actions.
