The EU adopts another package of sanctions in response to Russia’s aggression against Ukraine

by Alicja Szyrner 

29 July 2022 

The Council of the European Union adopted a new seventh package of economic sanctions on Russia on 21 July 2022. In addition to the previous sanctions, the new package prohibits the purchase, import or transfer (direct or indirect) of Russian-origin gold, including jewellery. Furthermore, it extends the list of the so-called dual use items which must not be exported to Russia under previous sanctions. Moreover, the acceptance of deposits from legal persons established in third countries and majority-owned by Russian entities will be now subject to a prior authorisation by the competent national authorities.

The relevant EU legislative acts regulating the described sanctions will be published within the next days in the Official Journal of the EU.

In view of the new and the existing obligations connected with the imposed sanctions as well as the financial and criminal liability for non-compliance with them, we recommend that you each time verify your contracting parties and the subject matter of your transactions. In this case, it may be helpful to introduce relevant internal verification procedures based on the compliance system.

Our experts are at your service to assist you in identifying the above risk and introducing preventive measures.