On March 15, the Council of the EU proceeded to adopt the fourth package of sanctions against Russia over the continued military aggression of Ukraine. With these new sanctions, the EU seeks to address potential loopholes under the first three packages, such as by providing clarifications, to restrict certain derogations, and to expand the sanctions’ scope by targeting new sectors. In particular, the new sanctions target the energy sector, although significant carve-outs exist for coal, oil, and natural gas imports.
For more information on how these developments could impact your organization, contact a member of Steptoe’s Economic Sanctions team in Brussels.
For additional resources can be found on Steptoe’s “Sanctions against Russia: Implications for Business and International Trade” page.