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EU agrees on tenth sanctions package against Russia

27 February 2023

The EU has adopted further sanctions against Russia. The new measures include asset freezes on new individuals and banks, additional export bans on dual-use goods and advanced technologies along with expanded import bans on high-revenue Russian goods. To combat circumvention, the new sanctions also introduce new enforcement and anti-circumvention provisions such as a ban on the transit of dual use goods and firearms via the territory of Russia to third countries. The most notable measures are outlined in this newsletter.

The new sanctions package entered into force on 26 February 2023. The measures are set out in three different regulations accessible here, here and here.

Below, we outline a selection of key changes to be noted by Danish companies to ensure continued compliance with EU sanctions against Russia.

New export restrictions

Regulation 2023/427[1] (amending Regulation 833/2014) expands the existing export restrictions on goods and technologies. The regulation introduces new items to Annex VII, XI and XXIII, which control advanced technology items, aircraft parts and engines, and industrial components. Items added to the expanded restrictions range from specific rare earths and thermal cameras to construction goods such as bridges, fork-lifts trucks, cranes etc. and electronic components used in Russian weapons systems such as drones, missiles, helicopters and other vehicles. The new export bans are comprehensive and we recommend Danish companies with Russian activities to ensure their sanctions compliance programs are updated with the additional restrictions.

Further, the list of entities connected to Russia’s military and industrial complex has also been expanded with 96 new listings, bringing the total of number up to 506, placing even tighter restrictions on the control of export of items and goods to Russia. As a new element, the listings include several Iranian entities that have assisted in providing Russia with military drones to target civilian infrastructure in Ukraine.

New import restrictions

Regulation 2023/427 also introduces further restrictions on imports by expanding Annex XXI which restricts the import of items and goods that generate significant revenues for Russia. The newly added goods in Annex XXI include bitumen and related materials like asphalt, synthetic rubber and carbon blacks.

Enforcement and anti-circumvention measures

To ensure effective implementation of the EU sanctions, the new regulations introduce further enforcement and anti-circumvention measures. These include:

  • A prohibition on the transit via the territory of Russia of dual-use goods and technology and of arms exported from the EU.
  • A reporting obligation on EU natural and legal persons, entities and bodies, which must now report information on transactions relating to the management of reserves and assets of the Central Bank of Russia.
  • A reporting obligation on natural and legal persons, entities and bodies covering information on frozen assets and assets which should be frozen.
  • A requirement to notify in advance private flights between the EU and Russia.

Other measures

Regulation 2023/427 introduces a prohibition on Russian nationals from serving on boards of “critical infrastructure companies” in the EU. In accordance with current legal framework (Directive 2008/114/EC), critical infrastructure is defined by the EU as certain subsectors within energy (electricity, oil and gas) and transport (road, rail and air transport, inland waterways transport and ocean and short-sea shipping and ports), with the obligation for Member States to identify relevant national companies within these sectors.

Specific individuals and entities subject to asset freezes and other restrictions

Regulation 2023/429[2] has added the following three Russian banks to the list of entities subject to asset freeze:

  • Alfa-Bank JSC,
  • Public joint-stock company Rosbank,
  • Tinkoff Bank JSC.

In addition, two Russian media outlets (RT Arabic and Sputnic Arabic) have been subject to a broadcasting ban, and around 121 individuals and entities have been added to the asset freeze list, including Russian decision-makers, senior government officials and military leaders complicit in the war against Ukraine, as well as proxy authorities installed by Russia in the occupied territories in Ukraine.

Impact on Danish companies

The scope of applicable sanctions targeting Russia has again been extended and Danish companies should ensure that their sanctions compliance programmes, policies, screening processes and payment processes are updated to ensure that the newly enacted sanctions are appropriately addressed.

In light of the enhanced export controls and new additions to the asset freeze lists, we recommend that Danish companies conduct re-screening of products and business partners.

We further recommend to closely monitor the situation in order to ensure compliance with potential new restrictions which may be imposed with short notice, as we understand that further sanctions may be underway.

Gorrissen Federspiel closely follows the developments of sanctions against Russia and we can assist with the interpretation of and compliance with the applicable sanctions, as well as implementation of measures to ensure that sanctions are observed. If you have any questions, please contact a member of our Compliance & Sustainability team.

For more information on the previous EU sanctions packages, please see Gorrissen Federspiel’s newsletter of  newsletter of 19 December 2022, newsletter of 7 October 2022, newsletter 8 June 2022, newsletter of 11 April 2022, Gorrissen Federspiel’s newsletter of 16 March 2022, Gorrissen Federspiel’s newsletter of 10 March 2022, Gorrissen Federspiel’s newsletter of 2 March 2022, Gorrissen Federspiel’s newsletter of 28 February 2022 and Gorrissen Federspiel’s newsletter of 24 February 2022.


[1] Council Regulation (EU) 2023/427 of 25 February 2023 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine.

[2] Council Regulation (EU) 2023/429 of 25 February 2023 amending Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.

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