Sanctions on Russia

Energy

  • Cap on Urals–Brent discount for oil tax calculations to safeguard government revenue

    A cap has been introduced on the discount applied to the price of Russian Urals crude oil relative to Brent crude for the purpose of calculating oil extraction and export taxes. This measure aims to stabilize government revenue by preventing excessive reductions in the tax base when Urals oil trades at a steep discount to global benchmarks.

  • Shadow fleet vessels and individual designations

    Designated 44 entities and 32 individuals, both Russian and non-Russian, supporting Russia’s military-industrial complex or involved in the unlawful deportation of Ukrainian children. Added 109 vessels associated with Russia’s shadow fleet to the sanctions list.
    Expanded bans on goods used in weapons manufacturing and prohibiting contracts with certain ships.

  • Shadow fleet vessels and individual designations

    Shadow fleet vessels and individual designations.

  • Sanctioning Russia Act (Proposed)

    Imposition of a 500% tariff on countries purchasing Russian-origin energy products.
    Expanded sanctions targeting Russia’s banking and energy sectors.
    Authorization to use frozen Russian assets for military financing to Ukraine.

  • 17th package of sanctions against Russia

    Further restrictions on Russia’s shadow fleet to prevent circumvention of oil export bans.
    Sanctions on entities in third countries (e.g., UAE, Turkey, Hong Kong) facilitating Russia’s oil trade.
    Asset freezes and travel bans on additional Russian officials and companies.

  • 16th package of sanctions against Russia

    Ban on imports of Russian primary aluminium.
    Prohibition on the temporary storage of Russian oil in EU ports, targeting theshadow fleet.
    Expanded export bans on goods and technologies contributing to Russia’s military capabilities.
    Enhanced anti-circumvention provisions, including sanctions on third-country entities supporting Russia’s war effort.

  • Gazprom Neft, Surgutneftegas and shadow tanker fleet sanctioned; petroleum-services ban and shipping-insurance risk

    Blocking sanctions on Gazprom Neft, Surgutneftegas, and over two dozen subsidiaries; U.S. petroleum-services ban effective February 27 2025; sanctions on 183 shadow-fleet and other oil tankers plus Sovcomflot, Rosnefteflot, UAE ship managers, and two Russian maritime insurers; designations for opaque oil traders and a government-linked network moving billions in Russian crude; measures against more than 30 Russia-based oilfield service providers; sanctions on senior Russian energy officials and executives; full blocking rules with the 50-percent threshold and elevated secondary-sanctions risk for shipping, insurance, and Finance facilitation of Russian oil trade.

  • 15th package of sanctions against Russia: shadow fleet

    Measures adopted include:
    sanctions against 54 Generals and 30 entities;
    ban on port access and the provision of services related to maritime transport for a further 52 vessels that are part of Putin’s shadow fleet;
    export restrictions on dual use goods and technologies for 32 new entities, some located in third countries;
    ban on the recognition or enforcement in the EU of rulings issued by Russian courts based on Article 248 of the Arbitration Procedure Code of the Russian Federation;
    a derogation allowing the release of cash balances held by EU central securities depositories;
    extension of the deadlines applicable to certain derogations required for divestments from Russia.

  • Gazprombank and 50-plus banks blocked, asset freezes

    OFAC blocks Gazprombank and its six overseas subsidiaries; designates more than 50 additional Russian banks, over 40 domestic securities registrars, 15 central-bank finance officials plus staff at Russian bank branches in China and India; issues general licenses for short wind-down and divestment of Gazprombank positions; warns that foreign institutions joining Russia’s SPFS or maintaining correspondent ties with newly listed banks face secondary-sanctions risk; all newly listed parties’ U.S.-linked property and transactions are prohibited.

  • 14th package of sanctions against Russia

    The new sanctions target high-value sectors of the Russian economy such as energy, finance and trade, and make it increasingly difficult to circumvent EU sanctions. They include:

    a ban on reloading services for Russian liquified natural gas (LNG) on EU territory for the purpose of transshipment operations to third countries;
    a ban on new investments for the completion of LNG projects under construction;
    outlawing the use of the ‘System for Transfer of Finance Messages’ (SPFS);
    a ban on port access and the provision of services to vessels contributing to Russia’s war;
    a wider EU flight ban;
    further import-export controls and restrictions.