European Council Adopted 9th Package of Sanctions Against Russian Federation

The European Council (Council) adopted the 9^th Sanction Package (Sanction Package) to be applied against Russian Federation on 16.12.2022.

The most notable sanctions imposed by the European Union (EU) against the Russian Federation under the Sanctions Package are summarized below:

Additional Export Restrictions

• Targeting Russia’s military power and technological development, new export restrictions are imposed on sensitive dual-use products and advanced technologies, such as drone engines, camouflage equipment and chemical/biological materials.
• 168 new Russian entities are now subject to the most severe export restrictions.
• The export ban on aviation and the space industry related goods are expanded. The export ban now includes aircraft engines and parts.

Additional Transaction Bans for Russian Banks

• 3 more Russian banks became subject to transaction bans.

Additional Sanctions on Energy and Mining Sectors

• In addition to the existing ban on new investments to Russian energy sector, new investments in the Russian mining sector are banned as well. New investments for mining activities for certain critical raw materials are exempted.

Additional Bans on Russian Media Outlets

• Four additional Russian channels are banned in the EU.

Additional Listings

• The assets of around 200 individuals and organizations are frozen.