European sanctions: what Dutch businessmen whose activities are connected with Russia need to know

Sanctions dated February 23, 25 and 28 have been added to the sanctions against Russia, which have been in effect for more than a year. We have combined them and talk about what is possible and impossible if your business is connected with Russia.

Financial sector

There are financial restrictions on a number of Russian banks, the Russian Government and large Russian state-owned companies. For example, you cannot lend money to the Bank of Russia, Promsvyazbank, VEB, and the Internet Research Agency.

Financial flows in the EU are limited: Russians cannot transfer money to an account if there is an amount of 100 euros. They are also prohibited from selling a number of financial products in euros.

There is a ban on loans and investment products for the Russian government, the Central Bank and related persons or organizations.

A number of Russian banks have been disconnected from the global messaging system for international payments SWIFT.

Energy sector

There is a ban on the export of certain equipment, technologies and services for:

• oil refining;
• exploration and production of deep sea oil;
• exploration and production of Arctic oil;
• shale projects in Russia.
  

Transport sector

A ban has been introduced on the export of all aircraft parts and repairs, as well as related financial services.

Export control and export financing

Ban on the export of weapons and related products. Technical and financial support and services related to these products are also prohibited. There are exceptions for existing treaties before the imposition of sanctions.

There is a ban on the import of weapons and related products from Russia.

Visas and travel

For persons included in the EU sanctions list, there is a visa ban. This includes all Duma deputies, members of the Russian Security Council, and Belarusians who facilitated the invasion of Ukraine in February 2022.

The simplification of the visa regime for Russian service passports has been cancelled.

The EU has closed its airspace to Russian airlines.

Trade with Crimea is limited:

• The export of certain goods and technologies to the Crimea or Sevastopol is prohibited. Related support or training is also prohibited.
• You can not import products from the Crimea and Sevastopol.
• The acquisition or increase of a share in real estate in the Crimea or Sevastopol is prohibited.

With questions about sanctions in Ondernemersloket

If you have questions about the sanctions and their consequences for your company, then you can contact Ondernemersloket.

Phone for entrepreneurs: 088 042 42 42.

You can call on working days from 08:30 to 17:00.

You can also leave your contact details hereand they will call you back.