Russia’s sanctions to be tightened as of today

Today an amending regulation was announced in the Official Journal of the European Union according to which the Russia Regulation VO (EU) No. 833/2014 will now be tightened.

Are you affected? Use our Russia sanctions check-up for companies

The tightening of sanctions is due in particular to the fact that further sanctions are now also being imposed on oil companies in particular. The tightening of sanctions is directed against the Russian oil companies Rosneft, Transneft and Gazprom Neft.

It is now prohibited to supply dual-use goods to Russian companies explicitly listed in the Regulation. The amendment regulation includes the following companies:

  • JSC Sirius (Optoelectronics for civil and military purposes)
  • OJSC Stankoinstrument (mechanical engineering for civil and military purposes)
  • OAO JSC Chemcomposite (materials for civil and military purposes)
  • JSC Kalashnikov (small arms)
  • JSC Tula Arms Plant (Weapon Systems)
  • NPK Technologii Maschinostrojenija (Ammunition)
  • OAO Vysokotochnye Kompleksi (Air defence and anti-tank systems)
  • OAO Almaz Antey (state-owned company; weapons, ammunition, research)
  • OAO NPO Bazalt (state-owned company, production of machines for the manufacture of weapons and ammunition)

Furthermore, trading in transferable securities and money market instruments with a maturity of more than 30 days of certain issuers remains prohibited. Here were

  • OPK OBORONPROM
  • UNITED AIRCRAFT CORPORATION
  • URALVAGONZAVOD

has now been incorporated into the Russia Regulation.

Finally, the list of persons, groups and institutions will be extended by 24 entries, the funds of which will be frozen; the consequence of the listing is also a“provision prohibition”, which means that third parties will be prohibited from making money or other economic resources available directly or indirectly to the listed persons.

The new measures are directly applicable from their publication in the Official Journal. Companies should therefore urgently check whether they are violating Russia’s sanctions, as significant fines and penalties of up to 500,000 euros are imminent.

If you have any questions and would like to know whether your company is also affected by the Russian sanctions, please contact us directly

 

Lawyer Dr. Tristan Wegner

Your consultant

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