As announced, the amended regulation includes the following elements:
Ban Russian vessels from entering EU ports. The text introduces a ban from accessing EU ports to any vessel flying the flag of Russia or having changed their Russian flag or their registration to another country after 24 February 2022. The port ban enters into force on 16 April. Restrictions cover vessels falling within the scope of relevant international conventions, as well as yachts and recreational crafts. Exemptions are provided for vessels seeking a place of refuge and for emergencies related to maritime safety or saving a life at sea. Member States’ competent authorities can derogate from the ban and grant access to their ports if necessary for the purchase or transport of, among others:
- Energy products (including coal and solid fossil fuels until 10 August 2022) and nuclear fuel.
- Titanium, aluminum, copper, nickel, palladium, and iron ore, in addition to specific chemicals and iron products (Annex XXIV).
- Agricultural and food products and fertilizers.
Import ban on coal (new article 3j)
The text introduces an import ban on coal and other solid fossil fuels (listed in Annex XXII) if they originate in Russia or are exported from Russia. The import ban includes the provision of technical and financial assistance. A grace period until 10 August applies to contracts concluded before 9 April.
Additional export bans
The package introduces bans to sell, supplying, and exporting:
- Technology and goods suited for the liquefaction of natural gas (new article 3b paragraph 1) in addition to oil refining technology already covered by the previous ban.
- Jet fuels and fuel additives as listed in Annex XX, whether or not originating in the Union (new article 3c paragraph 1).
- Additional dual-use technology (including quantum computers, additional technology for oil exploration, etc.) – as per the amended Annex VII.
Additional import bans
Restrictions on the import of the following products have been introduced:
- Goods that generate significant revenues for Russia, as included in new annex XXI (new article 3i). The import ban includes the provision of technical and financial assistance related to the products listed (please note that this list includes vessels – page 32). A grace period until 10 July applies to contracts concluded before 9 April.
- Goods that could contribute in particular to the enhancement of Russian industrial capacities as listed in Annex XXIII (new article 3k). The import ban includes the provision of technical and financial assistance related to the products listed, with a grace period until 10 July for contracts concluded before 9 April.
- The text clarifies that it is prohibited to provide “crypto-asset wallet, account or custody services to Russian nationals or natural persons residing in Russia, or legal persons, entities or bodies established in Russia” if the total value exceeds EUR 10 000 (new art. 5b paragraph 2).
- It is also prohibited to “sell, supply, transfer or export banknotes denominated in any official currency of a Member State to Russia or to any natural or legal person, entity or body in Russia (…) or for use in Russia”, with derogations allowed for the personal use of persons traveling to Russia (new article 5i)
- It is prohibited to “register, provide a registered office, business or administrative address as well as management services to, a trust or any similar legal arrangement having as a trustor or a beneficiary” to any Russian national or Russian resident and legal entities as defined under new article 5m. A grace period is granted until 10 May for contracts concluded before 9 April).
Ban on financial transactions Four additional Russian banks are subject to a full transaction ban and asset freeze. These banks (Otkritie FC Bank, Novikombank, Sovcombank, VTB Bank) can be found in the amended list of sanctioned entities.
In addition, the package imposes a ban on Russian road transport undertakings, prohibiting their operation, including transit, within the EU (article 3l), with a grace period until 16 April for voyages that started before 9 April. Restrictions on public procurement and support to public entities are also introduced