After issuing the first two packages of sanctions
on February 23rd and 25th, 2022, and removing a first list of Russian credit institutions from the SWIFT system with the EU Regulation no. 2022/345 issued on March 1, 2022, containing also additional financial restrictions aimed at limiting Russia’s access to Euro-denominated banknotes, the EU issued a third package of sanctions on March 9, 2022:
— EU Regulation no. 2022/394
by which the list of legal persons, entities and bodies affected by restrictions on providing/obtaining financing by means of loans, securities (including crypto-assets) and money-market instruments, as well as the prohibitions already in force for the supply of goods, technologies and related services, are further extended, this time with reference to the maritime industry;
— EU Regulation no. 2022/396
by which an additional no. 160 Russian names are added to the list of persons established by EU Regulation no. 269/2014, whose funds and economic resources have been frozen;
— EU Regulation no. 2022/398
by which the Council has extended the already existing financial restrictions on Belarus.
In addition to providing for the exclusion from the SWIFT of certain Belarusian credit institutions and their subsidiaries, the Regulation in fact extends to Belarus the financial prohibitions already in place with respect to Russia, its public or publicly controlled entities (including the Central Bank), citizens and residents, with the aim of substantially limiting and, where envisaged, completely preventing, Belarus’ access to EU funding and Euro currency.
Viorica Efros
Junior Partner
Head of the East European Desk
E: viorica.efros@l2bpartners.com
