The EU levied its fourth wave of restrictions on Russia following its full-scale assault on Ukraine. The measures ban all transactions with various state-owned enterprises, bar the services of all Russian credit rating services, add to the list of sanctioned individuals relating to Russia's defense sector and general economy, and ban new investments in the Russian energy sector, the European Council said March 15. The prohibition on credit rating services applies also to any subscription services relating to credit rating activities. The restrictions on the Russian energy sector will introduce a "comprehensive export restriction" on goods and services for the energy industry.

A group of countries has aligned their policies with recent EU sanctions decision on Russia and Belarus in response to their invasion of Ukraine, the European Council said in a pair of announcements. The countries of North Macedonia, Montenegro, Serbia, Albania, Bosnia and Herzegovina, Iceland, Liechtenstein, Norway and Ukraine brought their sanctions regimes in line with the EU's following the EU's sanctions decisions on March 2 and 3. Those moves added more individuals and entities to the Belarus sanctions regime (see 2203030013).

Italy seized a $580 million superyacht owned by Russian oligarch Andrey Melnichenko, Italian Prime Minister Mario Draghi's office announced, Bloomberg reported. The ship was nabbed in the port of Trieste in Northern Italy. Melnichenko was sanctioned by the EU following Russia's invasion of Ukraine due to his status as a prominent Russian businessman involved in economic sectors that provide a substantial source of revenue to the Russian government. Melnichenko founded fertilizer and agricultural products manufacturer EuroChem and coal company Suek. After the sanctions were imposed March 9, he left his board positions at both companies, Bloomberg reported.

Israel’s foreign minister said the country will not help Russia evade Western sanctions, according to a March 14 Washington Post report. Some Russian oligarchs had considered traveling to Israel to use it as a “haven for sanctions evasion,” the report said, such as Roman Abramovich, sanctioned by the U.K. earlier this month (see 2203100021). But Israeli Foreign Minister Yair Lapid said March 14 “Israel will not be a route to bypass sanctions imposed on Russia by the United States and other Western countries.”

The EU is preparing a new wave of sanctions relating to Russia's full-scale assault on Ukraine, according to people familiar with the matter, Bloomberg reported March 13. The new wave of restrictions include Roman Abramovich, owner of Chelsea Football Club, who was listed by the U.K. last week, along with over a dozen other prominent Russians, Bloomberg said. Other would-be sanctioned individuals include Tigran Khudaverdyan, executive director of Russian internet search engine Yandex NV, and Viktor Rashnikov, owner of Magnitogorsk Iron & Steel. The new restrictions were expectedto be finalized as early as March 14 but the European Council has not announced any updates.

The U.K.'s Office of Financial Sanctions Implementation added 386 members of the Russian State Duma to its Russia sanctions list as part of its wave of sanctions in response to the Russian invasion of Ukraine. The individuals were added for backing the treaties recognizing the independence of Ukraine's Luhansk and Donetsk regions. The U.S., the EU and Australia already have sanctioned members of the Duma.

Russia will ban exports of a range of goods and products to retaliate against Western sanctions, including telecommunication, medical, auto, agricultural and electrical products, as well as technology equipment and some forestry products, Reuters reported March 10 (see 2203080065). Russia will ban the exports until the end of the year and will also restrict certain foreign ships from entering its ports. "These measures are a logical response to those imposed against Russia and are aimed at ensuring uninterrupted functioning of key sectors of the economy," the Russian economy ministry said, according to the report.

The Office of Foreign Assets Control on March 11 sanctioned Russian people and entities for aiding North Korea's weapons of mass destruction and ballistic missile programs. The designations target Russia-based Apollon OOO; Zeel – M Co., Ltd; and RK Briz, OOO for providing procurement, financial or technological support for North Korea's military industry. OFAC also sanctioned Apollon OOO director Aleksandr Andreyevich Gayevoy and Zeel – M Co., Ltd director Aleksandr Aleksandrovich Chasovnikov.

The U.K. imposed new sanctions on Russia following its invasion of Ukraine that cover aircraft and trade services, Foreign Secretary Liz Truss announced March 9. The restrictions include powers to detain Russian aircraft and remove aircraft belonging to sanctioned individuals and entities, ban the export of aviation and aerospace-related goods and bar British companies from providing insurance for these goods. The aviation restrictions also give power to the Civil Aviation Authority to refuse or revoke permissions for Russian aircraft and block registration under the CAA of aircraft owned, operated or chartered by a sanctioned party. The Export Control Joint Unit concurrently released a General Trade License for the sanctions, which carve out exclusions until March 28. Such exclusions include the provision of insurance services for aviation and space goods where providers didn't reinsure any of their obligations to provide the services before March 8.

The U.K. and the EU added another wave of individuals to their Russia sanctions regime following the invasion of Ukraine. The U.K.'s newest additions include Roman Abramovich, owner of Chelsea Football Club, who has announced his intentions to sell the club. Abramovich was listed as a "prominent Russian businessman" due to his stewardship of the popular club, and a stakeholder in Evraz and Norilsk Nickel and as a "pro-Kremlin oligarch." The U.K. Office of Financial Sanctions Implementation further explained that Abramovich has a close relationship with Russian President Vladimir Putin and that this relationship has enabled Abramovich to reap financial benefits from the Russian government.