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Sanctions update including counter measures by Russia

Further to our previous sanctions updates we herewith provide a further update of recent sanctions developments:

Sanctions update 3 of March

Further to our sanctions newsletter of 25 of February, as amended, EU announced on 2 of March it has imposed the following additional sanctions against Russia and Belarus.

Update on the EU, UK and US sanctions against Russia and Belarus

In the past few days EU, UK and US have issued sanctions against Russia and Belarus in response to Russia’s invasion of Ukraine. Of particular importance is yesterday’s action by the US to sanction the two largest Russian banks, VTB Bank and Sberbank. UK has also sanctioned VTB Bank and it is not unlikely that EU will follow suit within short. Business dealings involving these banks, as well as all other sanctioned entities, will be severely affected. The sanctions can be summarised as follows:

Sanctions against Russia - what to expect?

There is at present intense speculation what counter measures in terms of sanctions that the US, EU and UK will implement against Russia in response to its threat against and potential invasion of Ukraine. There are several possible explanations for why information of the counter measures have not been made public. The silence could be deliberate because uncertainty makes the sanction threat more powerful. The silence could also be due to that the decision makers are not in agreement – within the EU it would seem that at least the sanctioning of the Nord Stream 2 pipeline and Russian gas is a contentious issue.