Today, the European Union imposed another round of significant sanctions and trade controls on Russia in response to the crisis in Ukraine.  In addition to new asset freeze sanctions, the EU implemented a series of new trade restrictions on dealings with the Russian economy, including an import ban on Russian iron and steel products, a ban on exports of luxury items to Russia, and a ban on new investment in the Russian energy sector.  The EU also banned the provision of credit rating services to Russia.

The latest EU measure imposes broad restrictions on dealings in Russian-origin iron and steel products.  The measures prohibit the following activities:

The list of covered items are included in Annex XVII to the new regulation, and cover a number of categories of steel and iron products, including: Non Alloy and Other Alloy Hot Rolled Sheets and Strips; Non Alloy and Other Alloy Cold Rolled Sheets; Electrical Sheets (other than GOES); Metallic Coated Sheets; Organic Coated Sheets; Tin Mill Products; Non Alloy and Other Alloy Quarto Plates; Stainless Hot Rolled Sheets and Strips; Stainless Cold Rolled Sheets and Strips; Stainless Hot Rolled Quarto Plates; Non Alloy and Other Alloy Merchant Bars and Light Sections; Rebars; Stainless Bars and Light Sections; Stainless Wire Rod; Non Alloy and Other Alloy Wire Rod; Angles, Shapes and Sections of Iron or Non Alloy Steel; Sheet Piling; Railway Material; Other tubes, pipes; Hollow sections; Seamless Stainless Tubes and Pipes; Other Seamless Tubes; Large welded tubes; Other Welded Pipes; Non-alloy and other alloy cold finished bars; and Non Alloy Wire.

Like a recent measure imposed by the United States, today’s EU measure bans the sale, supply, transfer, or export, directly or indirectly, of listed luxury goods valued at more than EUR 300 to persons in Russia or for end use in Russia.

Covered by the ban are an array of luxury and other items, including:

The EU also joined the United States in banning new investments in Russia’s energy sector.  Subject to exceptions, the EU investment ban generally prohibits the following investment activities:

Finally, the EU also imposed asset freeze sanctions today on 24 Russian individuals and entities, including oligarchs, elites, and companies supporting Russian military capabilities and operations in Ukraine.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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