EU: Further sanctions against Russia

Further restrictive measures against Russia in response to the situation in Ukraine

15 March 2022

The European Commission today announced an agreement of the European Council to adopt further restrictive measures against Russia in response to the situation in Ukraine.

The EC also provided a set of “questions and answers” (Q&As) concerning the restrictive measures against Russia.

According to the EC release, the agreed measures are:

Prohibition of any transactions with certain Russian state-owned enterprises across different sectors
EU import ban on those steel products currently under EU safeguard measures, with increased import quotas distributed to other third countries to compensate
Ban on new investment across the Russian energy sector, with limited exceptions for civil nuclear energy and the transport of certain energy products back to the EU
EU export ban on luxury goods (e.g., luxury cars, jewelry)
Expansion of list of sanctioned persons and entities
Ban on the rating of Russia and Russian companies by EU credit rating agencies and the provision of rating services to Russian clients

In addition, the EU, together with other World Trade Organization (WTO) members, today agreed to deny Russian products and services “most-favored nation” treatment in EU markets. This follows an announcement on 11 March 2022 by G7 members. Read TradeNewsFlash

Read a prior report on EU sanctions: TradeNewsFlash

For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich Partner and Global Practice Leader T: 312-665-1022 E: dzuvich@kpmg.com	John L. McLoughlin Principal and East Coast Leader T: 267-256-2614 E: jlmcloughlin@kpmg.com
Andy Siciliano Partner and National Practice Leader T: 631-425-6057 E: asiciliano@kpmg.com	Steve Brotherton Principal and Global Export and Sanctions Leader T: 415-963-7861 E: sbrotherton@kpmg.com
Luis (Lou) Abad Principal, Washington National Tax T: 212-954-3094 E: labad@kpmg.com	Irina Vaysfeld Principal T: 212-872-2973 E: ivaysfeld@kpmg.com
Amie Ahanchian Principal T: 202-533-3247 E: aahanchian@kpmg.com	Christopher Young Principal T: 312-665-3229 E: christopheryoung@kpmg.com
Gisele Belotto Principal T: 305-913-2779 E: gbelotto@kpmg.com	George Zaharatos Principal T: 404-222-3292 E: gzaharatos@kpmg.com
Andy Doornaert Managing Director T: 313-230-3080 E: adoornaert@kpmg.com	Jessica Libby Principal T: 612-305-5533 E: jlibby@kpmg.com

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