The eighth package of EU sanctions against Russia related to the escalation of the situation in Ukraine

The eighth package of EU sanctions against Russia related to the escalation of the situation in Ukraine was published on 6 October 2022.

Here are the most important restrictions:

  1. Blocking sanctions on around 30 Russian individuals, including Ella Pamfilova, Alexander Dugin, Oleg Gazmanov and Nikolay Rastorguev.
  2. A price cap on maritime transport of Russian crude oil and petroleum products to third countries; however, a method of identifying it has yet to be approved.
  3. A ban on EU persons directly or indirectly providing a number of services to Russian persons:
    • IT consultancy services, including the installation of computer hardware and networks, and software development and implementation services;
    • Legal services on matters related, inter alia, to commercial transactions, the application and interpretation of laws, participation in negotiations, the preparation and execution of legal documents. These restrictions do not extend to representation, advice, the preparation of documents and verification of documents in the context of litigation, arbitration or administrative proceedings;
    • Architectural and engineering services.
  4. The new sanctions don’t restrict EU persons from providing services to Russian companies controlled or owned by persons from EU member states, the European Economic Area, Switzerland and EU partner statesA ban on servicing Russian persons’ crypto assets, in particular, crypto-asset wallet, account or custody services.
  5. The ban now extends to any amount of money (previously it was on amounts over €10,000).Export restrictions on some electronic components and chemicals which might contribute to Russia’s military and technological enhancement.
  6. A ban on importing wood pulp, paper, cigarettes, materials for the jewellery industry, footwear, leather, and ceramics, and an extension of the ban on importing steel products from Russia.
  7. A ban on EU citizens holding key positions in Russian state-owned companies and their subsidiaries (e.g., Rosneft, Transneft, Gazprom Neft).
  8. A ban on transactions with the Russian Maritime Register, etc.

Artem Zhavoronkov
Partner, Attorney-at-Law

+7 921 905 47 66
St. Petersburg