Council Regulation (EU) 2022/328 of 25 February 2022

Council Regulation (EU) 2022/328 of 25 February 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

In view of the gravity of the situation, on 25 February 2022 the Council adopted Decision (CFSP)2022/327, amending Decision 2014/512/CFSP and imposing further restrictive measures in various sectors, particularly defence, energy, aviation and finance.

Decision (CFSP) 2022/327 imposes further restrictions on exports of dual-use goods and technology and on the provision of related services, as well as restrictions on exports of certain goods and technology which might contribute to Russia’s technological enhancement of its defence and security sector. It also introduces restrictions on the provision of related services. Limited exemptions to such restrictions are envisioned for legitimate and pre-determined purposes. Furthermore, that Decision prohibits the provision of public financing or financial assistance for trade with, or investment in, Russia, subject to certain exceptions.

Decision (CFSP) 2022/327 also prohibits the sale, supply, transfer or export to Russia of specific goods and technologies for use in oil refining, together with restrictions on the provision of related services.

Furthermore, Decision (CFSP) 2022/327 introduces an export ban covering goods and technology suited for use in aviation and the space industry and prohibits the provision of insurance and reinsurance and maintenance services in relation to those goods and technology. It also prohibits the provision of technical assistance and other related services as well as financing and financial assistance in relation to the goods and technology subject to this prohibition.

Decision (CFSP) 2022/327 further expands the existing financial restrictions, in particular those on access by certain Russian entities to the capital markets. It also prohibits the listing and provision of services in relation to shares of Russian state-owned entities on Union trading venues. In addition, it introduces new measures which significantly limit the financial inflows from Russia to the Union by prohibiting the acceptance of deposits exceeding certain values from Russian nationals or residents, the holding of accounts of Russian clients by the Union central securities depositories as well as the selling of euro-denominated securities to Russian clients.

These measures fall within the scope of the Treaty and, therefore, in particular with a view to ensuring their uniform application in all Member States, regulatory action at the level of the Union is necessary.

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