News 09 Apr. 2024
Curtis Announces New Partners and Counsels Across Offices in Spring 2024
more
News 25 Jan. 2024
Counsel Mohannad A. El Murtadi Suleiman Addresses “Africanization” of International Investment Law
Event 18 Aug. 2023
Partner Borzu Sabahi Speaks at FDI Moot Shenzhen
News 25 Jul. 2023
Partner Eric Gilioli Ranked in Top 10 Influential Energy & Natural Resources Lawyers in Kazakhstan in Business Today
Client Alert 28 Dec. 2023
U.S. to Impose Secondary Sanctions on Non-U.S. Banks For Financing Russia’s Defense Industry
News 28 Aug. 2024
Curtis Recognized for Excellence in Arbitration in Chambers Latin America Guide 2025
Event 22 Aug. 2023
Partner Dr. Claudia Frutos-Peterson to Speak at Arbitration and ADR Commission of the ICC Mexico
News 15 Aug. 2023
Legal Reader Publishes Article on Dr. Majed Alotaibi’s Arrival as Senior Counsel in Curtis’ Riyadh Office
News 31 Jul. 2023
Curtis Welcomes Senior Saudi Advisor, Dr. Majed Alotaibi, to its Riyadh Office
News 24 Aug. 2023
Curtis Attorneys Quoted in CoinDesk on FTX Founder Sam Bankman-Fried’s Strategy Ahead of His Criminal Trial
Client Alert 10 Jul. 2024
EU Adopts New Restrictive Measures Against Belarus
Client Alert 26 Jun. 2024
The EU Adopts its 14th Sanctions Package Against Russia
news
Legal 500 UK Recognizes Curtis Practices and Attorneys in 2025 Edition
Curtis Attorneys Featured in IBA Insolvency and Arbitration Working Group’s New Reports
Client Alert 08 Jun. 2022
The full alert is available for download with footnotes here.
On June 3, 2022, the European Union adopted its sixth package of sanctions against Russian and Belarus.
The sixth package contains the following measures:
Embargo on the import of crude oil (except for crude oil delivered by pipeline) and refined oil products originating or exported from Russia and prohibition to provide related services. The Regulation provides for a phase-out period for one-off or near term deliveries of petroleum oil and natural gas condensate which will be permitted for six months after the entry into force of the Regulation, and for mineral fuels and oils which will be permitted for up to eight months after the entry into force. The prohibition does not apply to the purchase, transfer or import of seaborne crude oil and petroleum products if they are only being loaded, departing from or transiting Russia, provided that the origin and owner of goods are non-Russian. By way of derogation, after the expiration of the phase-out period of six months, Bulgaria may authorize imports of seaborne crude oil from Russia under contracts pre-dating June 4, 2022. After the expiration of the phase-out period of eight months from the entry into force of the Regulation, Croatia may authorize imports of vacuum gas oil of Russian origin if no alternative supply is available.The EU restrictions do not prohibit gas imports.
EU operators will be prohibited from insuring and financing the transport through maritime routes of oil to third countries. The restrictions include ship-to-ship transfers. The prohibition does not apply to the performance until December 5, 2022 of contracts concluded before June 4, 2022.
The broadcasting activities of another three Russian State outlets – Rossiya RTR/RTR Planeta, Rossiya 24/Russia 24, and TV Centre International – have been suspended. The Russian state-controlled broadcasters are prohibited from distributing content across the EU in whatever shape or form, including satellite, internet or via smartphone apps.
The package bans advanced technology items from export to Russia as well as chemicals that can be used to manufacture chemical weapons. The list of additional chemicals represents around €663 million of EU exports to Russia (based on 2021 data). The EU has also expanded the list of natural, legal persons or entities associated with Russia’s military industrial complex in line with the U.S. actions. In the case of Belarus, the list of entities subject to restrictions has been significantly widened from 1 to 25.
The EU has added a further 65 new individuals and 18 companies to its asset freezes. The persons listed are mainly high-ranking military officers and other individuals alleged to have been involved in the actions committed in Bucha, as well as family members of those already designated. The companies listed are involved in the military sector, and manufacturing of equipment and software. Among the listed entities is National Settlement Depository, the largest securities depository in Russia by market value of equity and debt securities held in custody and the only one which has access to the international financial system.
The EU is also adding to the list of sanctioned persons 12 individuals and eight entities from Belarus.
In addition to these measures, the sixth package requires Member States to establish criminal penalties for sanctions breaches under Regulation 833/2014, allowing for the possibility to confiscate the proceeds of such breaches.In parallel with this, the Commission proposed on May 25, 2022, the measures to ensure the effective implementation of EU sanctions by way of supplementary criminal law measures.
Attorney advertising. The material contained in this Client Alert is only a general review of the subjects covered and does not constitute legal advice. No legal or business decision should be based on its contents.
Economic Sanctions
International Trade
National Security Law
Elena Klonitskaya
Partner
Ana Amador
Associate
Brussels
+32 2 313 37 31
London
+44 20 7710 9800
Washington, D.C.
+1 202 452 7373
event
Dr. Borzu Sabahi to teach at program with the ILI-South African Centre for Excellence and the ICSID in South Africa
We use cookies on our website to enhance your browsing experience, match your interests and assess our website performance. We do not share information with any third-party for marketing purposes. Please view our privacy policy to learn more about the use of cookies on our website. By continuing to browse our website, you consent to our use of cookies.