Reed Smith Client Alerts

On Wednesday, 28 September, the European Commission announced its intention to implement a further package of sanctions against Russia (referred to as the “eighth EU sanctions package”) in response to the escalation of the Russian invasion of Ukraine.

The EU’s statements on the eighth sanctions package refer to:

Individuals and entities

Updated listings of individuals and entities that have been sanctioned and additional restrictive measures to be adopted. The updated list will target key decision makers, oligarchs, senior military officials, and propagandists. The Russian authorities in the four partially occupied regions of Ukraine (Donetsk, Luhansk, Kherson and Zaporizhzhia) and high-ranking officials in the Russian Ministry of Defence will also be added to the blacklist.

Import and export bans

New, sweeping import bans are to be imposed on Russian products in order to keep such products out of the EU market. It is expected that the implementation of the import bans will deprive Russia of an additional EUR 7 billion in revenue. However, it is unclear at this stage what products will be included and whether the bans will impact Russian metal.

The list of products subject to an export ban is also to be extended, with the aim of depriving Russia’s military complex of key technologies such as aviation items, electronic components, and chemical substances.

Additional bans on providing EU services to Russia, and a prohibition on EU nationals sitting on the governing bodies of Russian state-owned enterprises will also be imposed.

Lastly, the geographical scope of restrictions previously applying to Crimea, Luhansk PR and Donetsk PR, approved at the beginning of 2022, is to be extended to cover all areas of Ukraine not controlled by the Ukrainian government.