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.
Sanctions against Russia and Belarus
Up-to-date information on sanctions against Russia and Belarus:
Sanctions in chronological order
- 24 February 2022: EU imposes new sanctions due to Russia's actions
- 26 February 2022: EU sets new extensive sanctions in response to Russia’s actions
- 28 February 2022: EU imposes new sanctions in response to Russia’s actions
- 2 March 2022: EU imposes new sanctions in response to Russia’s actions
- 4 March 2022: EU imposes new sanctions on Belarus due to its involvement in Russia’s invasion of Ukraine
- 9 March 2022: EU imposes new sanctions on Russia and Belarus
- 16 March 2022: EU imposes additional sanctions on Russia
- 8 April 2022: Fifth sanctions package issued, scope of EU’s export restrictions imposed on Russia extended
- 9 April 2022: EU imposes additional sanctions on Russia
- 3 June 2022: EU’s sixth package of sanctions against Russia enters into force
- 21 July 2022: New EU sanctions on Russia now in force
- 6 October 2022: EU’s new sanctions ban some oil transport, add export and import bans and tackle circumvention