Sanctions against Russia
55 Commons Library Research Briefing, 22 March 2023
end of July the EU also adopted a "maintenance and alignment package"
intended to tighten existing sanctions and "strengthen their effectiveness" by
aligning further with allies.
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An eighth package of sanctions measures was agreed on 6 October 2022, in
response to Russia's "illegal annexation" of Ukrainian territory.
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This was
followed by a ninth package of sanctions on 16 December 2022.
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A tenth
package of sanctions was proposed by Commission president Ursula von der
Leyen on 15 February 2023.
According to the European Commission, those sanctions are designed to:
• Cripple Kremlin's ability to finance Russia's military action
• Impose clear economic and political costs on Russia's political elite
responsible for invasion
• Diminish Russia's economic base.
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President Putin and Russian Foreign Minister Sergey Lavrov have been placed
on the sanctions list, along with the members of Russia's National Security
Council and the members of the Russian Parliament not previously designated
(see above) for their role in supporting Russia's recognition of the LPR and
DPR.
The EU has also amended the criteria for designation to include individuals
and companies supporting and benefitting from the Russian Government,
providing a substantial source of revenue to it, and family members of listed
individuals.
EU leaders have also agreed to place sanctions on Belarus for its role in
facilitating Russian military aggression in Ukraine.
In early March the European Commission also established a Freeze and Seize
Task Force, to ensure EU-level coordination to implement sanctions against
listed Russian and Belarussian oligarchs. That task force also works alongside
the Russian Elites, Proxies and Oligarchs (REPO) Task Force established by the
US, EU, UK and other allies (see below).
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Banks, assets and financial markets
Existing sanctions, restricting Russian access to EU financial markets, were
also expanded. Russian banks, including the Russian Central Bank, are
prohibited from any form of lending and buying of securities. A full asset
freeze was imposed on three leading Russian banks and the list of state-
release, 3 June 2022. The latter package of measures was initially presented by European
Commission President, Ursula von der Leyen, on 4 May 2022 (Speech to the European Parliament
Plenary, 4 May 2022)
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Council of the European Union, Press release, 21 July 2022
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Council of the European Union, Press release, 6 October 2022
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Council of the European Union, Press release, 16 December 2022
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European Commission, EU sanctions against Russia: factsheet, 26 February 2022
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European Commission, Press release, 17 March 2022
At the time of
writing, 1,473
individuals and 205
entities are subject
to EU sanctions
because their
actions have
undermined
Ukraine's territorial
integrity,
sovereignty and
independence.
Council of the European
Union, 25 February 2023
