Sanctions and Russia’s invasion of Ukraine

The EU has agreed on extensive sanctions as a response to Russia’s invasion of Ukraine. The EU’s actions have been coordinated in close cooperation with important partners, such as the United States. As an EU Member State, Finland participates in the preparation, approval and enforcement of sanctions.

The EU is prepared to expand the sanctions, as this has proved effective. The unprecedented scope of sanctions and the other measures demonstrate that the EU is unanimous and strongly condemns Russia’s actions.

Targeting of sanctions

The sanctions approved by the EU have been imposed on the finance, energy and transport sectors and on technology exports. The sanctions targeted at the financial sector include, among other things, a ban on the export of euro-denominated banknotes and a prohibition on transactions with the Russian Federation, its government and Central Bank. Russian banks have also been excluded from the international SWIFT messaging system.

A ban has been imposed on the export of a range of luxury goods from the EU to Russia, and on iron and steel product imports from Russia to the EU.

In addition, the broadcasting activities of certain Russian state-owned media channels have been suspended in order to prevent the spread of disinformation.

Sanctions on individuals and entities have been expanded significantly. A number of political and military decision-makers, disinformation operators and individuals with economic influence have been added to the sanctions list. Several Russian companies operating, for example, in the arms industry have been added to the sanctions list.

In line with the common EU policy, Finland has closed its airspace to Russian aircraft. However, the prohibition does not apply, for example, to emergency landings or overflights in an emergency.

Sanctions against Belarus have also been expanded. The territory of Belarus has been used for the invasion of Ukraine, which is why Belarus is considered a party to the act of aggression.

The EU has imposed and gradually expanded sanctions against Russia in response to the illegal annexation of Crimea and the conflict in Eastern Ukraine since March 2014.

Read also: Practical guidance for companies to detect and prevent circumvention of sanctions

Sanctions against Russia and Belarus

Up-to-date information on sanctions against Russia and Belarus:

Sanctions in chronological order

  1. 24 February 2022: EU imposes new sanctions due to Russia's actions
  2. 26 February 2022: EU sets new extensive sanctions in response to Russia’s actions
  3. 28 February 2022: EU imposes new sanctions in response to Russia’s actions
  4. 2 March 2022: EU imposes new sanctions in response to Russia’s actions
  5. 4 March 2022: EU imposes new sanctions on Belarus due to its involvement in Russia’s invasion of Ukraine
  6. 9 March 2022: EU imposes new sanctions on Russia and Belarus
  7. 16 March 2022: EU imposes additional sanctions on Russia
  8. 8 April 2022: Fifth sanctions package issued, scope of EU’s export restrictions imposed on Russia extended
  9. 9 April 2022: EU imposes additional sanctions on Russia
  10. 13 April 2022: Sanctions against Russia: road transport in the EU and access to ports of vessels
  11. 3 June 2022: EU’s sixth package of sanctions against Russia enters into force
  12. 21 July 2022: New EU sanctions on Russia now in force
  13. 6 October 2022: EU’s new sanctions ban some oil transport, add export and import bans and tackle circumvention
  14. 25 February 2023: EU expands sanctions against Russia in response to continuing invasion
  15. 23 June 2023: 11th package of EU sanctions against Russia focuses on preventing sanctions circumvention
  16. 18 December 2023: 12th package of sanctions tightens foreign trade restrictions and introduces new measures to combat sanctions circumvention
  17. 23 February 2024: EU to impose extensive sanctions on individuals and targeted sectoral sanctions on 2nd anniversary of Russia’s full-scale invasion of Ukraine