Sanctions on Russia

Finance

  • Housing Lending Relief

    Banks receive regulatory flexibility to encourage lending in politically prioritized regions.
    Source.

  • FX Market Operations Resume


    Russia restarts fiscal-rule interventions in the domestic foreign exchange market.
    Sources.

  • Fiscal Rule FX Operations Suspended

    The government temporarily halts official FX purchases and sales while revising oil price assumptions.
    Source.

  • Cash Ruble Export Restricted

    Individuals and businesses face tighter controls on cross-border movement of Russian currency.
    Source.

  • Gold Export Restrictions Tightened

    Russia further restricts exports of physical gold, limiting capital outflows and preserving strategic reserves.
    Source.

  • Foreign Investment Controls Tightened


    Foreign investors face increased scrutiny and approval requirements when investing in strategically important sectors.
    Source.

  • Central Bank Challenges EU Asset Freeze


    Russia’s central bank initiates legal proceedings against EU sanctions freezing its assets.
    Source.

  • 21st package of sanctions against Russia

    The package continues the EU’s focus on third-country entities facilitating sanctions circumvention, with particular attention to Kyrgyzstan and, this time, to financial channels. It includes the first transaction ban on a Kyrgyz bank, alongside measures against three other non-Russian banks and 14 crypto-asset service providers operating from third countries. The package also adds further shadow-fleet vessels and military-industrial entities, including companies based in China, including Hong Kong, India, Kazakhstan, Kyrgyzstan, Türkiye, and the UAE.

    It also expands measures against the oil sector, including Russian, Belarusian, and third-country refineries. Finally, the package introduces additional export restrictions on military-relevant goods and technologies, as well as new import restrictions on products generating revenue for Russia.

    Read more.

  • 20th package of sanctions against Russia

    The EU’s 20th sanctions package against Russia primarily focuses on tightening enforcement rather than introducing entirely new sectoral bans. It deepens financial isolation by targeting additional banks and crypto channels, and places strong emphasis on closing circumvention routes by sanctioning third-country actors and restricting re-exports via countries like Kyrgyzstan. Trade measures expand controls on high-tech and dual-use goods critical to Russia’s military industry, while energy-related steps incrementally increase pressure on oil transport, including the shadow fleet. 

    Highlights:

    • Financial sector measures, including restrictions targeting additional Russian financial institutions and elements of the financial system (including crypto-related activities)
    • Measures targeting crypto-related channels, aimed at limiting Russia’s ability to use alternative financial infrastructure for sanctions circumvention
    • Sanctions on third-country actors (including entities in jurisdictions such as the UAE, China/Hong Kong, and Thailand) involved in facilitating sanctions evasion
    • First use of a country-level anti-circumvention instrument (Kyrgyzstan) to address systematic re-export of sensitive goods
    • Additional listings of entities linked to Russia’s military-industrial complex and supply chains
    • Expanded restrictions on trade in dual-use and advanced technology goods, particularly those relevant for military applications
    • Shadow fleet: designation of additional vessels and related entities, and ban on certain maritime-related services
    • Measures addressing disinformation and propaganda actors linked to the Russian state

    Read more here.

  • Ruble conversion of unfriendly-currency bonds

    Until 31 December 2026, holders are permitted to replace bonds denominated in the currencies of so-called “unfriendly” states with corresponding bonds denominated in rubles, enabling the conversion of foreign-currency debt into domestic-currency instruments.

    Source.