ASD forms task force on sanctions against Russia 

The Russian attack on Ukraine has brought war back to Europe. The reactions of Germany and the European Union consist of an unprecedented package of measures. In addition to numerous foreign and security policy measures, the European Union has also imposed comprehensive economic sanctions against Russia. As part of this, the sanctions against Russia, which have been in place since 2014, were massively expanded on 23 February and 25 February 2022. On the night of 27 February 2022, the heads of state and government of the European Union also agreed on the adoption of further sanctions against Russia.

The main measures of the new sanctions packages at a glance:

• Military goods embargo: export ban on military goods and other defence material to Russia; ban on technical assistance or financing of military goods.
• Export ban on dual-use goods: restrictions (notification and licensing requirement) for so-called dual-use products; inspection requirement for export to Russia also applies to non-dual-use goods (catch-all clause)
• Financial sanctions: Exclusion of certain Russian banks and companies from the European capital market (including credit business, stock exchange trading, trading of Russian government bonds, acceptance of deposits from Russian citizens, etc.); exclusion from the international financial communication system SWIFT
• Sanctions against the transport sector: export ban on aircraft and spacecraft as well as technical and financial support and (re)insurance; closure of European airspace to all Russian aircrafts; a ban on Russian ships entering European ports is being discussed as a further, future measure.
• Sanctions against the energy sector: prohibition of trade in certain goods, technologies and services for the oil industry.
• Sanctions against the technology sector and media: ban on trade in certain goods, technologies and services needed for the production of microchips; ban on the Russian state media RT and Sputnik
• Sanctions against politicians, businessmen and pro-government elites: Freezing of assets in the European Union, visa restrictions.

In addition to the economic sectors directly affected by the new sanctions, the sanctions against Russia are also likely to have a massive indirect impact on the rest of the economy. Significant disruptions in international transport chains are expected, especially due to the threat of restrictions on transport routes or those that have already been enforced. Blockages of ports, airspace and land transport routes through Russia and Ukraine will further intensivy the already difficult situation for the intercontinental transport of goods from Asia and China to Europe.

If you have any questions regarding the sanctions imposed on Russia and all related legal implications, please do not hesitate to contact us at any time. You can reach the Russia Sanctions Task Force at the e-mail address rus-sanctions@asd-law.com or by telephone at 040-3177970.