New rounds of EU sanctions against Russia have entered into force

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Over the weekend and today, the latest round of European Union (“EU”) sanctions entered into force following Russia’s continued military incursion into Ukraine. Danish companies should take action to ensure that they are in compliance with the new sanctions and keep monitoring the situation as new rounds of sanctions are expected soon.
New rounds of EU sanctions against Russia

Following Russia’s continued military incursions into Ukraine, the EU member states have imposed additional export restrictions on dual-use products, as well as on advanced technology products. The new rules also further limit access for certain Russian financial institutions and companies to the capital market and add a number of new entities to the sanctions list. Additionally, the sanctions impose target the Russian oil sector as well as the air and space industry.

The sanctions also prevent any Russian aircraft from landing in, taking off from, or overflying, the territory of the Union as well as prohibiting any transactions with the Central Bank of Russia.

The second round of sanctions were published in the Official Journal of the European Union over the weekend and today and have now entered into force. The second round of EU sanctions consists of three different EU regulations that can be found herehere and here.

The new EU set of sanctions does not yet include wide sanctions on major sectors like the Russian energy sector…

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