On February 23, 2024, the EU, together with the US and the UK, adopted a 13th sanctions package targeting Russia. Focused on new restrictions on Russia’s military and defense sector, the package also includes new sanctions designations and aims to combat sanctions circumvention. This comes as the United States announced its largest-ever package of Russia sanctions designations, totaling some 500 individuals and entities. You can read more about that here.

Below you can find our summary, with the main takeaways of the new sanctions package.

Additional export bans

The new measures expand the list of entities subject to enhanced restrictions in relation to dual-use and advanced technology items adding 27 new companies: 17 from Russia and 10 from third countries, including, China, Kazakhstan, India, Serbia, Thailand, Sri Lanka and Türkiye.

The package also expands the list of advanced technology items that could potentially benefit Russia’s military and technological capabilities or contribute to the advancement of its defense and security sectors. The list now includes components used in the development and manufacture of drones, such as electrical transformers, static converters and inductors, as well as aluminum capacitors with military applications, used for example in missiles, drones and communication systems for aircraft and vessels.

Iron and steel

The UK is now a partner country (along with Switzerland and Norway) for iron and steel import bans. These partner countries enforce restrictive measures on the importation of iron and steel. They also impose import control measures that closely align with those imposed through EU Regulation (EU) No 833/2014.

Designations

The EU added 106 individuals and 88 entities to the sanctions list, including companies operating in the military and aviation sectors, in particular in the production of drones, missiles, and high-tech components for weapons. The list also includes companies and individuals participating in the supply of armaments to Russia.

Dentons will continue to monitor and report on any new EU / Russia sanctions developments. Please feel free to reach out to your Dentons contact if you have any questions or require assistance with sanctions compliance in your organization.