CYFA Announcement #27/2022 – EU 6th Sanctions Package and Ministry of Finance Announcements

The Association would like to inform its members that the EU has released on the 3rd June 2022 the 6th Package of Restrictive Measures against Russia.

The 6th Package includes a:
• Ban on imports from Russia of crude oil and refined petroleum products, with limited exceptions;
• Swift ban for 3 Russian and 1 Belarus Bank;
• Suspension of broadcasting in the EU for 3 Russian Stations;
• Sanctions against additional individuals and entities;
• Export restrictions regarding dual-use goods and technology;
• Consulting services prohibitions (new article 5n – pp 62/63 of the EU Official Journal, 3rd June 2022).

To access the Official Journal of the European Union, L 153, 3rd June 2022 please click here. To read the EU 6th Package Press Release please click here.

B. Ministry of Finance Announcements (27th May 2022 & 31st May 2022)

In addition the Association would also like to inform of the latest Ministry of Finance Announcements:

• Announcement of Ministry of Finance dated 27th May 2022 regarding the implementation of sanctions against Russia – click here

• Announcement of Ministry of Finance dated 31st May 2022 regarding Article 5aa of EU Council Regulation 428/2022 of 15 March 2022 amending Regulation No. 833/2022 concerning restrictive measures against Russia – click here

The Association will continue to update you on any further developments and relevant announcements issued by EU Bodies, Industry Regulators and Government Authorities.

It is noted that each member is obliged to comply with the ASP, AML Law and the regulations/decisions/circulars/guidelines of the relevant EU bodies, government authorities and regulators. Any information contained in this notification/announcement, or any other notifications/announcements or circulars should be assessed on its own merits.