The EU has imposed sanctions on Russia in the last year
With the start of the war in Ukraine, the countries of the European Union (EU) imposed hundreds of sanctions against Russia in a wide range that includes trade, finance, energy, industry, technology, transportation, luxury and dual-use goods and gold, and approximately 1,300 people and 170 people were injured They froze the assets of the company.
Due to the war between Russia and Ukraine that started last year, the EU countries prepared 10 sanctions packages against Russia that cover almost all areas of the economy.
FIRST PACKAGE OF SANCTIONS
The EU launched the first sanctions package on February 23, 2022, when Russia recognized the so-called administrations of the breakaway regions in eastern Ukraine and sent troops to the region.
A restrictive measure was put into effect for 351 members of the Duma, the lower house of the Russian Parliament, who approved this decision. Their assets were frozen and a travel ban was placed on them.
A total of 27 high-ranking individuals and organizations were sanctioned, including banks, businessmen and oligarchs who financially support or benefit from Russian operations and disinformation campaigns.
People close to Russian President Vladimir Putin were also placed on the sanctions list. Russian Defense Minister Sergey Shoigu and Putin’s chief of staff Anton Vaino were also placed on the sanctions list.
Institutions like the Internet Research Agency, Rossiya Bank, Promsvyazbank and Vnesheconombank were also put on the sanctions list. The assets of these institutions were frozen and funding was prohibited.
An import ban on goods from breakaway regions was imposed, while the provision of tourism services was banned, and an export ban was imposed on various products and technologies.
Financial restrictions were also put into effect against Russia. It is prohibited to provide financing to the Russian Federation, its government and the Central Bank. The access of the Russian state and government to the EU financial and capital markets and services is restricted.
PUTIN AND LAVROV ADDED TO SANCTIONS LIST IN SECOND PACKAGE
Due to the start of the Russia-Ukraine war, the EU implemented the second package of sanctions. Russian President Putin and Foreign Minister Sergey Lavrov topped the sanctions list. Members of the Russian National Security Council and members of the Duma were also included.
A total of 64 major Russian institutions, including various public institutions such as the Russian Presidency, the Defense Ministry, and companies operating in the energy, aviation, and finance sectors, were included in the scope of the sanction.
Russian Railways, Kalashnikov, Oboronprom, Rosoboronexport, Sukhoi, Tupolev, Progress, Almaz-Antey, Uralvagonzavod, Kamaz, Sovcomflot, Sevmash, Rustech-Azimut, United Shipbuilding are among these institutions, their access to financial services has been cut off of the EU and the prohibited supply of technology.
Alfa Bank, Bank Otkritie, Bank Rossiya and Promsvyazbank were added to the sanctions list. Capital market transactions and financial services with these institutions are prohibited. EU banks were prohibited from accepting deposits of more than 100,000 euros from Russian citizens, while debt refinancing by Russian public institutions was prevented.
Bond clearing institutions in the EU are prohibited from serving Russian institutions. It was prevented from sending goods, services and technology necessary for oil refineries to Russia. The sale of spare parts and equipment to Russian airlines was prohibited.
In addition, the export to the country of “dual-use” products and equipment, both for civil and military purposes, was prevented. A ban was also imposed on the export of products containing goods and technology suitable for use in the aerospace industry.
3. RESERVATIONS OF PACKAGES AND OBJECTIVE OF BANKS
The EU implemented the third package of sanctions on March 2, 2022. As part of this package, the EU decided to ban transactions related to the management of reserves and assets of the Russian Central Bank. Transactions with any legal person, organization or body acting on behalf of or on the instructions of the Central Bank of Russia are prohibited.
Thus, Russia’s reserves of 600 billion dollars were targeted. About half of Russia’s reserves were located in Western countries. Access to 300 billion euros of Russia’s reserves has been cut off.
Russian banks VTB, Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank and VEB were excluded from the SWIFT international payment system.
Streaming bans have arrived in EU countries for Russian media outlets Sputnik and RT. EU airspace and airports were closed to Russian airlines.
4. THE PACKAGE OPEN TO THE OLIGARCH, STEEL AND ENERGY
EU countries implemented the fourth package of sanctions on March 15, 2022. Any transactions with Russian public companies are prohibited. The rating of Russian companies by credit rating agencies in the EU was cancelled. Although the export of luxury goods to Russia was banned, it was decided not to import iron and steel products from Russia.
New investment in the Russian energy sector has been halted. The assets of some oligarchs were frozen. A large number of Russian businessmen have been added to the EU sanctions list, along with English soccer team Chelsea FC and multi-business owner Russian billionaire Roman Abramovich.
In addition, the companies Rosneft Aero, Rosoboronexporti, JSC NPO High Precision Systems, JSC Kurganmashzavod, JSC Russian Helicopters, PJSC United Aircraft Corporation, JSC United Shipbuilding Corporation, Uralvagonzavod and Zelenodolsk Shipyard were also included in the sanctions list.
The assets of the individuals and companies in question were frozen. A travel ban was imposed on those on the list.
5. RUSSIAN COAL PROHIBITED PACKAGE
The fifth package of EU sanctions began to be implemented on April 8, 2022.
The package prohibited the purchase, import or transport of coal from Russia to the EU. The coal embargo came into force on August 10, 2022 after the transition period.
Transaction bans were imposed on VTB, Novikombank, Sovcombank and Otkritie Bank. It is also prohibited to provide crypto-asset services to Russia.
6. PROHIBITED PACKAGE FOR PETROLEUM IMPORT
The sixth package of EU sanctions entered into force on June 3, 2022. Against this background, a decision was made to embargo Russia on crude oil and refined petroleum products. After the transition period, the supply of crude oil from Russia became effective on December 5, and the supply of refined petroleum products became effective on February 5.
Sberbank, the largest bank in Russia, and 2 other bank payment systems have been removed from SWIFT.
The broadcast ban was imposed on 3 channels of the Russian state. Russia’s access to advisory services has been cut off. New trade bans against Russia began.
7. IMPORT GOLD FINISH PACKAGE
The seventh package of sanctions against Russia was implemented on July 21, 2022. This package banned the import of gold from Russia to EU countries.
Controls for high-tech and dual-use items have been tightened. Russian-flagged ships are prohibited from entering EU ports.
8. THE PACKAGE PRESENTED A MAXIMUM PRICE FOR OIL
The eighth EU package, which entered into force on October 5, 2022, included new trade restrictions and a cap on oil. Restrictions on products that could contribute to Russia’s military and technological development were expanded. EU citizens are prohibited from entering the management of Russian public companies.
A maximum price of 60 dollars per barrel was put into effect for oil transported from Russia to third countries by sea. This application of maximum prices began on December 5. Companies from EU countries are prohibited from providing various services such as transportation, insurance and brokerage in case of sales above the maximum price.
A ban on transactions was imposed at the Russian Maritime Register. It paved the way for those who played a role in breaching the sanctions imposed on Russia to be subject to sanctions. High-ranking military officers, decision makers, some oligarchs and propagandists were added to the EU sanctions list.
Starting February 5, EU countries imposed a price ceiling of $100 a barrel on Russian diesel and kerosene, and $45 a barrel on cheaper liquid fuels and light-colored petroleum products.
9. PACKAGE
The EU entered into force the 9th sanctions package on December 16, 2022. The package included adding almost 200 people and institutions and 3 Russian banks to the sanctions list, banning exports of dual-use items and banning mining investments. .
Restrictions that could contribute to Russia’s military and technological development or defense and security sector were expanded.
The export of Unmanned Aerial Vehicle (UAV) engines to Russia directly or through third countries is prohibited.
All transactions of the Russian Regional Development Bank were banned. Broadcasting bans were imposed on NTV/NTV Mir, Rossiya 1, REN TV and Pervyi Kanal.
The provision of advertising, market research and opinion polling services, as well as product testing and technical inspection services to Russia was restricted. New investment in the Russian mining sector was prohibited.
10. PACKAGE
The tenth package of sanctions, which is expected to take effect on February 24, the anniversary of the war, is still being negotiated among member states.
In addition to the new trade bans and technology export controls, Iranian organizations will also be restricted from shipping UAVs, vital goods such as electronics, special vehicles, machinery and engine parts, truck and jet engine parts, and antennas or cranes. that the construction industry can direct the Russian army. It will include products like
The export of high-tech and dual-use items to Russia will be further restricted. A large number of people, including those involved in propaganda activities, soldiers and politicians, will be added to the EU sanctions list with the package. (AA)