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ARTICLE · 28 DECEMBER 2022

Update On The Ninth Sanctions Package

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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On 16 December 2022, amendments to the existing EU sanctions regime were introduced in the ninth package of sanctions against Russia.

European UnionInternational Law
Paul Convery
Paul Convery
Laura Murdock
Laura Murdock
Niamh McCabe
Niamh McCabe
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On 16 December 2022, amendments to the existing EU sanctions regime were introduced in the ninth package of sanctions against Russia.

EU Council Regulation (EU) 2022/2475 of 16 December 2022 amends Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. It introduces an extended deadline for the derogation allowing divestments by listed entities. Specifically, it amends Article 6(b)(3) of EU Regulation 269/2014 by updating the deadline from 31 December 2022 until 28 February 2023.

Article 6(b)(3) permits the release of economic assets and facilitates the unfreezing of assets so they can be the subject of a sale and transfer. National competent authorities are entrusted with authorising such operations. One general aim of the authorisation process is to assist entities which find themselves prohibited from dealing with an asset, to which they

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