New sanctions package containing six different elements imposed by the EU

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The European Union (“EU”) has adopted further sanctions against Russia consisting of the following six different elements: (i) a total import ban on Russian coal; (ii) an asset freeze on four key Russian banks, along with restrictions on crypto-currency; (iii) a prohibition on Russian freight road operators from transporting goods by road within the territory of EU and a ban on Russian flagged vessels from EU-ports; (iv) expansion on the scope of export bans to Russia; (v) expansion of bans on imports from Russia; and (vi) a ban on all Russian companies from participating in EU public procurement processes and excluding all EU financial support to Russian public bodies. Finally, the asset freeze list is updated with new listings of individuals and entities. Danish companies should take action to ensure compliance with these new sanctions, as well as the pre-existing sanctions.

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