UK & Europe
Following weeks of negotiations, the European Council has agreed on the sixth package of Russia sanctions. Over the course of the European Council’s “special meeting”, held on the 30 and 31 May 2022, EU leaders agreed to ban most Russian oil imports, including crude oil and petroleum products. On the 2 and 3 June 2022, the legal acts were uploaded to the Official journal (see below). The main elements of the package include:
The EU is prohibiting the purchase, import or transfer of crude oil and certain petroleum products from Russia to the EU. The ban covers all seaborne oil purchases, which make up around two thirds of Europe’s imports from Russia but is subject to a temporary exemption for crude oil delivered from Russia via the Druzhba pipeline. This exemption is currently indefinite, however, Germany and Poland have reportedly pledged to stop oil imports via the northern part of the Druzhba pipeline by the end of 2022.
Additionally, Bulgaria will be permitted to continue importing Russian crude oil and refined products by sea until the end of 2024. Croatia will be able to purchase Russian vacuum gas oil for its refinery until the end of 2023.
The EU is prohibiting EU accounting, lobbying, public relations, and consultancy companies from providing services to Russian entities. This is coordinated with the United Kingdom and other G7 countries.
The EU, together with the United Kingdom and other G7 countries, is blocking insurance and re-insurance of ships carrying Russian oil by EU firms. New insurance contracts are immediately banned and current ones will be phased out over a six month period.
The EU is de-SWIFTING three additional Russian credit institutions – Sberbank, Credit Bank of Moscow, and Russian Agricultural Bank. It is also de-SWIFTING the Belarusian Bank for Development and Reconstruction.
The EU is suspending the broadcasting activities of three additional Russian state-owned outlets: Rossiya RTR/RTR Planeta, Rossiya 24/Russia 24 and TV Centre International.
The EU has expanded its list of goods subject to export restrictions, including 80 chemicals that could be used to manufacture chemical weapons.
The EU has expanded the list of individuals and companies facing asset freezes and travel bans. These sanctions target individuals associated with the military, businesspersons, and family members of listed oligarchs and Kremlin officials. Companies in the defence industry have also been sanctioned.
See the press releases here:
See the relevant legal acts here:
EUR-Lex - 32022D0885 - EN - EUR-Lex (europa.eu) - COUNCIL DECISION (CFSP) 2022/885 of 3 June 2022 amending Decision 2014/145/CFSP
EUR-Lex - 32022D0884 - EN - EUR-Lex (europa.eu) - COUNCIL DECISION (CFSP) 2022/884 of 3 June 2022 amending Decision 2014/512/CFSP
EUR-Lex - 32022D0882 - EN - EUR-Lex (europa.eu) - COUNCIL DECISION (CFSP) 2022/882 of 3 June 2022 amending Decision 2012/642/CFSP
EUR-Lex - 32022D0881 - EN - EUR-Lex (europa.eu) - COUNCIL IMPLEMENTING DECISION (CFSP) 2022/881of 3 June 2022 implementing Decision 2012/642/CFSP
EUR-Lex - 32022R0879 - EN - EUR-Lex (europa.eu) - COUNCIL REGULATION (EU) 2022/879 of 3 June 2022 amending Regulation (EU) No 833/2014
EUR-Lex - 32022R0878 - EN - EUR-Lex (europa.eu) - COUNCIL IMPLEMENTING REGULATION (EU) 2022/878 of 3 June 2022 implementing Regulation (EU) No 269/2014
EUR-Lex - 32022R0877 - EN - EUR-Lex (europa.eu) - COUNCIL REGULATION (EU) 2022/877 of 3 June 2022 amending Regulation (EC) No 765/2006
EUR-Lex - 32022R0876 - EN - EUR-Lex (europa.eu) – COUNCIL IMPLEMENTING REGULATION (EU) 2022/876 of 3 June 2022 implementing Article 8a(1) of Regulation (EC) No 765/2006
EUR-Lex - 32022R0870 - EN - EUR-Lex (europa.eu) - REGULATION(EU) 2022/870 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 30 May 2022
EUR-Lex - 32022H0867 - EN - EUR-Lex (europa.eu) - COMMISSION RECOMMENDATION (EU) 2022/867 of 1 June 2022