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ARTICLE · 04 JULY 2022

Russian Sanctions: A (Re)Insurance Perspective

William Fry LLP
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On 3 June 2022, the EU adopted the sixth package of restrictive measures against Russia because of the continuing conflict with Ukraine. In unison with the five previous packages adopted in 2022...

GlobalInsurance
Eoin Caulfield
Eoin Caulfield
John Larkin
John Larkin
Ian Murray
Ian Murray
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On 3 June 2022, the EU adopted the sixth package of restrictive measures against Russia because of the continuing conflict with Ukraine. In unison with the five previous packages adopted in 2022, the recent sanctions are designed to exert increasing economic pressure on Russia and impair its economic and financial ability to sustain its war efforts.

The sanctions packages adopted in 2022 flow from a framework established in 2014 in response to the annexation of Crimea by Russia, which resulted in Council Regulation No 269/2014 and Council Regulation No 833/2014. The sixth package of restrictive measures, therefore, builds on and expands the earlier measures providing for an increasingly deeper and broader set of restrictive measures by the EU. The six packages of sanctions adopted to date against Russia include targeted individual measures against natural persons/entities (travel bans and asset freezes) and significant economic sanctions comprising a number of

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