Press releases, 26.2.2022

EU sets new extensive sanctions in response to Russia’s actions

The Member States of the European Union approved the sanctions on Friday 25 February and the sanctions have entered into force.

On 24 February, Russia launched a full-scale military attack against Ukraine from multiple directions. Russia’s actions are a breach of the UN Charter and international law. The European Union, together with its close partners, reacted swiftly to Russia's attack by imposing sanctions that will have massive and severe consequences, while at the same time supplementing the decisions on EU sanctions that they approved on 23 February in response to Russia’s actions.

The list of individuals targeted by sanctions was expanded significantly to cover both Russian and Belarusian individuals. These sanctions include asset freezes and travel and transit restrictions.  The individuals now added to the sanctions list include members of the National Security Council of the Russian Federation and the Russian State Duma as well as representatives of the Belarusian armed forces. Russia's President Vladimir Putin and Minister of Foreign Affairs Sergey Lavrov were also added to the sanctions list and are subject to asset freezes. Belarus is considered complicit, because its territory has been used for the attack against Ukraine.

The criteria for sanctions targeting individuals have also been altered so that sanctions can target individuals who have supported or benefitted from the actions of the Russian government. The EU Member states are prepared to discuss further sanctions.

The EU also imposed new sectoral economic sanctions, which will have severe and immediate economic impacts on Russia. The sanctions against the financial sector were expanded to cover new financial institutions, Russian state-owned companies and financial inflows from Russia to the EU. A ban on the export of specific goods and technologies used in oil refining was imposed on the energy sector. Transport sector sanctions set an export ban on the sale of aircraft and spare parts. The list of dual-use goods requiring individual export authorisation was expanded and new export bans were imposed.

EU sanctions regulations targeting Russia:

Sectoral sanctions regime – expansion of sanctions regime

Individual sanctions regime – expansion of criteria for inclusion on list of sanctions

Individual sanctions regime – new sanctions lists 

 

Inquiries: 

Ilkka-Pekka Similä, Director General (economic sanctions), tel. +358 50 336 3856, 

Marja Liivala, Director General (individual sanctions), tel. + 358 50 401 6135

The email addresses of the Ministry for Foreign Affairs are in the format firstname.lastname@formin.fi.