Dear clients,

As of March 2, 2022 a new regulation regulating further anti-Russian sanctions in connection with the ongoing Ukraine crisis has been published in the Official Journal of the European Union. This is Council Regulation (EU) 2022/345 of 1 March 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia's activities destabilising the situation in Ukraine (the "Regulation"), which is available HERE

The newly imposed anti-Russian sanctions take the following form:

• It shall be prohibited as of 12 March 2022 to provide specialised financial messaging services, which are used to exchange financial data, to the legal persons, entities or bodies listed in Annex XIV or to any legal person, entity or body established in Russia whose proprietary rights are directly or indirectly owned for more than 50 % by an entity listed in Annex XIV (Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank, VNESHECONOMBANK (VEB), VTB BANK);

• It shall be prohibited to sell, supply, transfer or export euro denominated banknotes to Russia or to any natural or legal person, entity or body in Russia, including the government and the Central Bank of Russia, or for use in Russia, whereas the prohibition shall not apply to the sale, supply, transfer or export of euro denominated banknotes provided that such sale, supply, transfer or export is necessary for:

a) the personal use of natural persons travelling to Russia or members of their immediate families travelling with them; or

b) the official purposes of diplomatic missions, consular posts or international organisations in Russia enjoying immunities in accordance with international law.

In case of any questions about the above, we of course remain available to you.