The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 07 Mar 2025 (Russia - Countermeasures):
The restrictions previously established by the Russian Central Bank relating to foreign currency in Russia will continue to apply until September 9, 2025.
- 24 Feb 2025 (UK):
The Akin Summary document has now been posted for this action.
The Office of Financial Sanctions Implementation ("OFSI") introduced a new sanctions package against Russia, marking the third anniversary of the war against Ukraine, pursuant to The Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations").
- 24 Feb 2025 (EU):
The Akin Summary document has now been posted for this action.
The European Union ("EU") adopted its 16th package of sanctions against Russia to mark the third anniversary of the war against Ukraine. The new sanctions package imposes new asset freeze designations against 48 individuals and 35 entities, and introduces two new listing criteria for the purposes of targeting Russia's "shadow fleet" and those supporting or benefitting from Russia's military and industrial complex.
The EU has introduced further sanctions that include, inter alia:
- additional entities subject to tighter export controls;
- a gradual phased-in import ban on primary aluminium goods from Russia;
- additional export controls against five categories of sensitive items, including software related to Computer Numerical Control ("CNC");
- an extension of the prohibition on using Russia's System for Transfer of Financial Messages ("SPFS") by 13 regional banks;
- additional restrictions against 74 vessels within the "shadow fleet"; a transaction ban on specific Russian ports and airports;
- the extension of the EU broadcasting ban to eight additional Russian media outlets; and
- the extension of the 'Best Efforts' obligations for EU operators to prevent subsidiaries that they own or control from participating in activities that undermine EU asset freeze sanctions contained in Council Regulation (EU) 269/2014 ("Regulation 269"), where previously such measures were only applicable to Council Regulation (EU) 833/2014 ("Regulation 833").
- 24 Feb 2025 (EU):
The Akin Summary document has now been posted for this action.
The European Union ("EU") adopted new sanctions measures in respect of the illegally annexed regions of Crimea, Sevastopol, and non-government controlled areas of Ukraine (the "Specified Territories"), pursuant to Council Regulation (EU) No. 2025/401 and Council Regulation (EU) No. 2025/398 (the "Amending Regulations"), which amend Council Regulation (EU) No 692/2014 of 23 June 2014 and Council Regulation (EU) 2022/263 of 23 February 2022 (the "Regulations"), respectively. The new measures include, inter alia: restrictions on the export of certain goods and technology to the Specified Territories, professional services restrictions, controls on banknotes denominated in any official currency of an EU Member State, as well as a 'Best Efforts' obligation for EU operators to prevent non-EU subsidiaries that they own or control from participating in activities which undermine the Regulations.
- 24 Feb 2025 (EU):
The Akin Summary document has now been posted for this action.
The European Union ("EU") adopted further sanctions measures against The Republic of Belarus ("Belarus") in view of its involvement in Russia's war of aggression in Ukraine.
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