- European Union (EU) is limiting Russia's access to crucial technology, such as semiconductors or cutting-edge software, and banning the export of specialized oil-refining technology
- The European Union has targeted Russia’s energy sector, a key economic area that benefits the Russian state
- The European Union has suspended Russia's membership rights in leading multilateral financial institutions
Financial Sanctions against Russia
- The financial sanctions against Russia target 70% of the Russian banking market and key state-owned companies, including defense
- The EU has targeted Russia’s energy sector, a key economic area that benefits the Russian state. The EU has banned the export of maritime navigation, radio communication technology, and aircraft and spare parts necessary for the maintenance of Russian aviation fleets
Limited Access to Russia
- The EU is limiting Russia's access to crucial technology, such as semiconductors or cutting-edge software, and banning the export of specialized oil-refining technology. EU plans on freezing European assets linked to Russian President Vladimir Putin and his cronies and close family members. EU has announced a slew of new sanctions against Russia and Belarus. EU will ban three Belarusian banks from the SWIFT banking system and continue to add several more oligarchs and Russian lawmakers to the EU blacklist
- EU also imposed sanctions on four key Russian banks, which account for 23% of the market share in Russian banking sectors
- The asset freeze and travel ban were extended until September 15, 2022
- A new prohibition to purchase, import, or transfer, directly or indirectly, Russian gold or if the gold had been exported from Russia into the EU or to any third country. This prohibition also covered jewelry
- The EU will propose a big ban on new European investments across Russia's energy sector
- The EU has frozen the assets of more business leaders who support the Russian state, including Chelsea football club owner Roman Abramovich and the head of Russian state TV Channel One Konstantin Ernst
Ban on Export of Luxury Goods to Russia
The EU has banned the transport of goods by Russian and Belarusian road transport, exports of jet fuels, quantum computers, advanced semiconductors, high-end electronics, software, sensitive machinery, and transporting equipment worth £10 billion, ban on imports of wood, cement, fertilizers, seafood, and liquor worth £5.5 billion.