Ukraine Regime
Council Implementing Regulation (EU) 2022/396 of 9 March 2022 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine
In view of the gravity of the situation, the Council considers that 146 members of the Russian Federation Council who ratified the government decisions of the ‘Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the Donetsk People’s Republic and between the Russian Federation and the Luhansk People’s Republic’ should be added to the list of natural and legal persons, entities and bodies subject to restrictive measures set out in Annex I to Regulation (EU) No 269/2014.
In addition, the list should include 14 persons supporting and benefitting from the Government of the Russian Federation or providing a substantial source of revenue to it, or associated with listed persons or entities.
Regulation (EU) No 269/2014 has been amended accordingly.
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Council Decision (CFSP) 2022/397 of 9 March 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine
In view of the gravity of the situation, the Council considers that 146 members of the Russian Federation Council who ratified the government decisions of the ‘Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the Donetsk People’s Republic and between the Russian Federation and the Luhansk People’s Republic’ should be added to the list of persons, entities and bodies subject to restrictive measures set out in the Annex to Decision 2014/145/CFSP.
In addition, the list should include 14 persons supporting and benefitting from the Government of the Russian Federation or providing a substantial source of revenue to it, or associated with listed persons or entities.
Decision 2014/145/CFSP has been amended accordingly.
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Council Regulation (EU) 2022/394 of 9 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine
In order to ensure correct implementation of the measures set out in Regulation (EU) No 833/2014, the Council deemed it necessary to clarify the exception for the provision of financing for small and medium-sized enterprises, as well as certain provisions in the Annexes relating to prohibited goods and technology.
Regulation (EU) No 833/2014 has therefore be amended accordingly.
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Council Decision (CFSP) 2022/395 of 9 March 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine
In view of the gravity of the situation, and in response to Russia’s military aggression against Ukraine, it is appropriate to introduce further restrictive measures with regard to the export of maritime navigation goods and technology.
It is also appropriate to expand the list of legal persons, entities and bodies subject to the prohibitions related to investment services, transferable securities, money market instruments, and loans. Moreover, certain clarifications are necessary to ensure the proper application of some of the specific sectoral restrictions introduced by Decision (CFSP) 2022/327.
Decision 2014/512/CFSP has been amended accordingly.
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Belarus Regime
Council Regulation (EU) 2022/398 of 9 March 2022 amending Regulation (EC) No 765/2006 concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine
In view of the gravity of the situation in Ukraine, further measures were necessitated. Consequently, Decision (CFSP) 2022/399 further expands the existing financial restrictions. In particular, it prohibits the listing and provision of services in relation to shares of Belarusian state-owned entities on Union trading venues. In addition, it introduces new measures which significantly limit the financial inflows from Belarus to the Union by prohibiting the acceptance of deposits exceeding certain values from Belarusian nationals or residents, the holding of accounts of Belarusian clients by the Union central securities depositories as well as the selling of euro-denominated securities to Belarusian clients. It also prohibits transactions with the Central Bank of Belarus related to the management of reserves or assets, the provision of public financing for trade with and investment in Belarus, with limited exceptions, and the provision of euro denominated banknotes to Belarus or for use in Belarus.
Decision (CFSP) 2022/399 imposes further restrictive measures with regard to the provision of specialised financial messaging services to certain Belarusian credit institutions and their Belarusian subsidiaries, which are relevant for the Belarusian financial system and which are already the subject of restrictive measures imposed by the Union.
In order to ensure correct implementation of the measures set out in Regulation (EC) No 765/2006, it is also necessary to add obligations on the Network Manager for air traffic management network functions of the single European sky regarding overflight prohibitions and amend the provisions on non-circumvention. Whereas it is commonly understood that the notion of 'assets' and 'economic resources' subject to freezing also includes cryptoassets, and that loans and credits can also be provided via crypto assets, it is appropriate to further specify the notion of 'transferable securities' in relation to such assets given their specific nature.
Regulation (EC) No 765/2006 has been amended accordingly.
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Council Decision (CFSP) 2022/399 of 9 March 2022 amending Decision 2012/642/CFSP concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine
In view of the gravity of the situation, and in response to Belarus's involvement in Russia's aggression against Ukraine, it is appropriate to introduce additional restrictive measures related to the financial sector.
In particular, it is appropriate to prohibit the listing and provision of services in relation to shares of Belarusian state-owned entities on Union trading venues; limit the financial inflows from Belarus to the Union; prohibit transactions with the Central Bank of Belarus; restrict the provision of specialised financial messaging services to certain Belarusian credit institutions and their Belarusian subsidiaries. It is also appropriate to add obligations on the Network Manager for air traffic management network functions of the single European sky regarding overflight prohibitions.
Decision 2012/642/CFSP has been amended accordingly.
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Iraq Regime
Commission Implementing Regulation (EU) 2022/401 of 8 March 2022 amending Council Regulation (EC) No 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq
On 8 March 2022, the European Commission amended Annex IV to Regulation (EC) No 1210/2003 so as to delete seven entries from it.
For further information kindly consult the following link.
Please be reminded that all EU/UN sanctions are directly applicable under Maltese law under the National Interest (Enabling Powers) Act, cap 365 of the Laws of Malta as linked here.
Should any of your clients be a person or entity who is listed under UN/EU or national sanctions or who is directly or indirectly owned or controlled by a listed person or entity, the freezing measures mentioned under article 17 of the Act apply.
The Sanctions Monitoring Board is to be informed immediately of the actions that have been taken in relation to the assets of such listed persons.
The Sanctions Monitoring Board may be contacted on sanctions.mfea@gov.mt on any issue relating to sanctions.
Please find below links to the:
EU Financial Sanctions Database
Consolidated UN Sanctions List
EU Sanctions Map
Sanctions Monitoring Board
