Five Rounds Of EU Sanctions Against Russia – A Basic Guide For German Companies

In response to Russia's invasion of Ukraine, the EU has imposed broad sanctions against Russian individuals, companies and organizations in recent weeks. The most recent fifth sanctions package, adopted on April 8, 2022,¹ includes import bans on coal, wood and fertilizers, among other things, as well as further export bans. In addition, financial sanctions were extended, in particular the freezing of assets of four more Russian banks (VTB, Novikombank, Sovcombank and Otkritie Bank). The provision of trust services to Russian nationals and companies is prohibited, as is the provision of crypto services (e.g., holding bitcoins). Additional restrictions in the transport sector have been adopted in the form of a ban on business for Russian and Belarusian road transportation companies as well as a ban on all vessels registered under the flag of Russia entering EU ports. Russian companies are prohibited from participating in public procurement in the EU.