Insights Blog

The EU has agreed its ninth package of economic and individual sanctions in response to Russia’s invasion of the Ukraine. As expected, mining is a key focus area.  The economic/sectoral aspects of the ninth package include the following:

  • a ban on new investments in the Russian mining sector, with the exception of mining and quarrying activities involving certain critical raw materials;
  • new export controls and restrictions on dual-use goods and technology, and in respect of goods and technology that can contribute to the technological enhancement of Russia’s defence and security sector, by further expanding the list of entities connected to Russia’s military and industrial complex by 168 entities;
  • a widening of the export ban on aviation and space industry-related goods and technology to include aircraft engines and their parts – this will apply to manned and unmanned aircrafts;
  • an asset freeze against two additional Russian banks (Credit Bank of Moscow, and Dalnevostochniy Bank (‘Far Eastern Bank’)), and the addition of the Russian Regional Development Bank to the list of Russian State-owned or controlled entities that are subject to a full transaction ban;
  • the planned suspension of the broadcasting licences of four additional media outlets: NTV/NTV Mir, Rossiya 1, REN TV and Pervyi Kanal;
  • a ban on the provision of EU advertising, market research and public opinion polling services, as well as product testing and technical inspection services to the Russian Federation;
  • a ban on EU nationals holding any posts on the governing bodies of all Russian State-owned or controlled legal persons, entities or bodies located in Russia;

A new derogation has been brought in to unfreeze assets of, and to make funds and economic resources available to, certain individuals who held a significant role in international trade in agricultural and food products, including wheat and fertilisers, prior to their listing.

In addition to the above sectoral sanctions, almost 200 additional individuals and entities are being sanctioned, including the Russian armed forces, individual officers and defence industrial companies, members of the State Duma and Federation Council, ministers, Russian proxy authorities in occupied areas of Ukraine and political parties, among others.

The Regulations have been published in the Official Journal as follows:

Today’s developments follow agreement on the oil price cap in cooperation with the Price Cap Coalition (for more information, see the EU Council’s press release here and our update on the eighth package of sanctions here). 

As expected, the Commission also recently announced its plans to harmonise criminal offences and penalties for the violation of EU restrictive measures (such as sanctions against Russia arising from its invasion of the Ukraine) following the adoption, on 28 November 2022, of a Council Decision identifying the violation of EU restrictive measures as an area of serious crime. The Commission commented that it is “paramount that EU restrictive measures are fully implemented and the violation of those measures does not pay off”.  The proposal will follow the usual legislative path, and will now be considered by the EU Council and the European Parliament. 

We will publish updates as developments occur.  In the meantime, for more information, please get in touch with any member of our Sanctions and Export Controls Group, or your usual Arthur Cox contact.