Eu Sanctions Against Russia Pdf Download |VERIFIED|
The EU sanctions against Russia are exceptional and have strategic importance due to a combination of three factors: big power rivalry, the context of a major European crisis with global ramifications, and the costs of the sanctions for the EU itself. The EU has managed to maintain its fragile unity and has applied its collective diplomatic and economic weight in very difficult circumstances.
eu sanctions against russia pdf download
The newly adopted Regulation (EU) 2022/1904 significantly amends Regulation (EU) No 833/2014 (Regulation) which establishes the trade and sector-specific sanctions against Russia. The export restrictions under Art. 2a and 2b and Annex VII of the Regulation have been expanded to include, among others, certain weapons and devices designed for the purpose of riot control or self-protection, products which can be used for lethal injections, certain chemicals, semiconductors, and electronic integrated circuits. Notably, these prohibitions are not subject to an exception for the execution of contracts already concluded before the new sanctions package.
Since, in particular, some of the annexes have been considerably expanded, we recommend reviewing them thoroughly with regard to your business activities. We are continuing to monitor developments in EU sanctions against Russia. BLOMSTEIN is at your disposal at any time to answer questions on the practical implementation as well as on the scope of application of these measures. Please do not hesitate to contact Pascal Friton, Roland M. Stein, Florian Wolf, Laura Louca or Tobias Ackermann.
Using three different estimation techniques, we show that the 2014 EU sanctions on exports to Russia were enforced very selectively and caused only a minor disruption to trade flows, if any. In contrast, the Russian counter-sanctions against imports from the EU caused major losses in trade, indicating very thorough enforcement. We show that these results are consistent with the theoretical literature, which emphasises the difficulty of imposing sanctions on exports and the potential value of sanctions as a signalling device, rather than an economic weapon.
As part of the new sanctions package, the EU adopted similar restrictions on the import of iron and steel, that it had previously imposed against Belarus. In particular, it will now be prohibited to import, directly or indirectly, iron and steel products as listed in Annex XVII into the EU if they originate in Russia or have been exported from Russia.