Reed Smith In-depth

Last updated 10 October 2022.

This update includes the 8th sanctions package adopted on 6 October 2022 by the EU.

In the wake of Russia’s aggression against Ukraine, the EU has adopted, in rapid succession, a series of sanctions against Russia and Belarus for its support of Russia in the conflict. On 6 October, the EU adopted its eighth sanctions package. With each successive layer of sanctions, the EU is in the process of imposing an outright economic boycott against these two countries, one that continues to tighten as the conflict intensifies. These sanctions are the most far-reaching measures the EU has ever imposed and were imposed in coordination with the EU’s major allies.

The EU sanctions packages include sanctions against key sectors of the economy and targeted restrictive measures against prominent entities and business leaders, including Vladimir Putin himself. Sanctions also include some of the most restrictive seen to date against energy majors such as Rosneft and Gazprom Neft. 

Targeted restrictive measures: targeted restrictive measures have been gradually extended as the conflict has progressed, starting first with some high-profile individuals and members of the Russian State Duma, expanding to the president, Vladimir Putin, and prominent business leaders in Belarus, and with the designation of key oligarchs, such as Roman Abramovich.

23 February 2022

Council Decision (CFSP) 2022/267 and Council Implementing Regulation (EU) 2022/261 

  • 336 members of the Russian State Duma 

Council Decision (CFSP) 2022/265 and Council Implementing Regulation (EU) 2022/260

  • 22 high-profile individuals (e.g., government and senior military officials, individuals working for pro-Russian media, and business leaders/oligarchs)
  • 4 entities. The first entities to have been made subject to an asset freeze are the Internet Research Agency and three Russian banks:
    • Rossiya
    • Promsvyazbank
    • VEB.RF

The wind-down period provided by Regulation (EU) 2022/259 until 24 August 2022 has ended.

25 February 2022 

Council Decision (CFSP) 2022/331 and Council Implementing Regulation (EU) 2022/332

  • Members of the National Security Council, additional members of the Russian State Duma and persons who facilitated the Russian military aggression from Belarus. Vladimir Putin is made subject to an asset freeze. 

28 February 2022

Council Decision (CFSP) 2022/337 and Council Implementing Regulation (EU) 2022/336

  • Additional sanctions against 26 major business leaders and oligarchs, and one entity (the Gas Industry Insurance Company SOGAZ). 

2 March 2022

Council Decision (CFSP) 2022/354 and Council Implementing Regulation (EU) 2022/353

  • 22 Belarusian individuals added for their support of Russia in the invasion of Ukraine.