EU CNCL Extended Russia Sanctions


On Jan. 27, EU CNCL prolonged sanctions over Russia's aggression.


  • EU CNCL prolonged restrictive measures in view of Russia's actions destabilising the situation in Ukraine by 6 months, to Jul. 31, 2023, targeting sectors of the economy.
  • Follows EU CNCL Jul. 2022 renewed economic sanctions against Russia, see #144385.
  • Overview
  • The sanctions, introduced in 2014 in response to Russia's actions, have been expanded since Feb. 2022, in light of Russia’s unjustified military aggression against Ukraine.
  • They currently consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport, luxury goods.
  • Also cover a ban on the import or transfer of seaborne crude oil and certain petroleum products from Russia to the EU, de-SWIFTing of several Russian banks, suspension of broadcasting activities and licenses of several Kremlin-backed disinformation outlets.
  • Jan. 30, 2023 Official Journal
  • Council Dec (CFSP) 2023/191 of Jan 27, 2023 amends Dec 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine.
  • Effectiveness
  • The decision enters into force on the day after publication in the official journal.
  • Jul. 2023 Extended Sanctions
  • On Jul. 20, 2023, EU CNCL extended until Jan. 31, 2024, decision to prolong restrictive measures targeting specific sectors of the economy of the Russian Federation.
  • Dec (CFSP) 2023/1517 of Jul. 20, 2023 amends Dec 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine.
  • Now includes measures to strengthen EU ability to counter sanctions circumvention.
  • Jan. 2024 Extended Measures
  • On Jan. 29, 2024, EU CNCL extended sanctions for 6 months, until Jul. 31, 2024.
  • As long as the illegal actions by the Russian Federation continue to violate prohibition on use of force, which is serious breach of obligations under international law, deemed appropriate to maintain measures and take additional measures, if necessary.
  • Council Dec (CFSP) 2024/422 of Jan, 29 amending Dec 2014/512/CFSP concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine published in EU OJ on Jan. 30, 2024; in force day after publication, on Jan 31, 2024.

Regulators EU CNCL
Entity Types B/D; Bank; BS; Ins; Inv Co; MSB
Reference OJ 1/30/2024; PR, Dec (CFSP) 2024/422, 1/29/2023; PR, OJ L 184/40, Dec (CFSP) 2023/1517, 7/20/2023; OJ L 26/44, 1/30/2023; PR, Reg 2023/180, Dec (CFSP) 2023/191, 1/27/2023; Citation: Dec (CFSP) 2023/191; Dec 2014/512/CFSP; Dec (CFSP) 2023/1517; Dec (CFSP) 2024/422;
Functions AML; Anti-Bribery; Compliance; Financial; Legal; Operations; Sanctions; Technology
Countries European Union; Russia; Ukraine; Cross-Border
Category
State
Products Banking; Clearing; Deposits; Fund Mgt; Insurance; Loan
Regions EMEA
Rule Type Final
Rule Date 1/27/2023
Effective Date 7/31/2024
Rule Id 161631
Linked to Rule :144385
Reg. Last Update 1/29/2024
Report Section AML & Enforcement

Last substantive update on 01/31/2024