The EU’s sanctions on Russia did not begin with the full-scale invasion. They began in March 2014, after the annexation of Crimea and Sevastopol and the destabilisation of Ukraine, and they grew in steps. On 23 February 2022 Brussels widened them after Russia recognised the non-government controlled parts of Donetsk and Luhansk and ordered troops in. After 24 February 2022 it widened them again, massively.
The stated aim is blunt: weaken Russia’s economic base, cut it off from critical technologies and markets, and limit its ability to wage war.
Who is on the list
The regime on Ukraine’s territorial integrity, built on Council Regulation (EU) No 269/2014, hits individuals and organisations with travel bans and asset freezes. It also bars anyone from making funds or economic resources available to them. The Commission’s figures put the total at 1,206 individuals and more than 108 organisations.
Separate regimes cover Crimea and Sevastopol, where trade and investment restrictions date from 2014. Similar limits came in 2022 for the non-government controlled parts of Donetsk, Kherson, Luhansk and Zaporizhzhia. Belarus has its own regime, widened because of its part in the aggression. Iran sits in a fourth: in July 2023 the Council banned exports of drone components to Iran, and in December 2023 it designated six persons and five entities.
Money and trade
The economic measures, as the Commission listed them on 19 December 2023, go well beyond blacklists. The Russian Central Bank’s reserves and assets are blocked, and financing the government and the bank is prohibited. Certain Russian banks have been cut off from SWIFT. Russia is shut out of public contracts and EU funds, and crypto and trust services are barred.
On goods, the EU restricts dual-use items and advanced technology, from quantum computers and semiconductors to software. Transport equipment and aviation, space and maritime goods are covered, as are iron and steel, cement, rubber, wood, spirits and high-end seafood. Russian airspace is closed to EU operators, and Russian freight operators and trailers are banned.
Energy is its own block. The EU prohibits imports of coal, peat, LPG and seaborne crude oil, new investment in the energy sector, and exports of goods for use in the oil industry. Some member states may no longer take Russian oil by pipeline. Russian nationals cannot book gas storage capacity in the Union.
The price cap
The G7 Oil Price Cap Coalition set a cap on Russian seaborne crude oil and petroleum products. EU operators may provide shipping and related services only if the oil is sold at or below the cap. It applies to crude from 5 December 2022 and to petroleum products from 5 February 2023. The design aims to cut Russia’s revenue while keeping supplies flowing to global markets.
Enforcement against evasion has its own rules. Ports are closed to vessels that carried Russian oil and made ship-to-ship transfers or switched off their AIS navigation systems. Anyone selling a tanker to a Russian buyer, or for use in Russia, must notify authorities and seek authorisation, a rule meant to track the “shadow fleet”. An anti-circumvention tool allows limits on exports of sanctioned goods to third countries at high risk of acting as routes around the sanctions.
Member states carry out the sanctions. The Commission oversees them and has published more than 500 FAQs.
