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Dear clients,

As of today, the fifth package of anti-Russian sanctions has been approved in connection with the ongoing crisis in Ukraine.

The fifth package of anti-Russian sanctions include in particular:

• A prohibition to purchase, import or transfer coal and other solid fossil fuels into the EU if they originate in Russia or are exported from Russia, as from August 2022,

• A prohibition to provide access to EU ports to vessels registered under the flag of Russia with derogations for agricultural and food products, humanitarian aid, and energy;

• A ban on any Russian and Belarusian road transport undertaking preventing them from transporting goods by road within the EU, including in transit with derogations granted for a number of products, such as pharmaceutical, medical, agricultural and food products, including wheat, and for road transport for humanitarian purposes;

• A ban on exports of aviation fuel, advanced semiconductors, high-end electronics, software, sensitive machinery and transportation equipment;

• Ban on imports of wood, cement, fertilisers, seafood and alcohol;

• Ban on participation of Russian companies in public procurement in EU Member States, exclusion of all financial support to Russian public entities;

• An extended prohibition on deposits to crypto-wallets, and on the sale of banknotes and transferrable securities denominated in any official currencies of the EU member states to Russia and Belarus, or to any natural or legal person, entity or body in Russia and Belarus

• Further expansion of the sanctions lists to include oligarchs and persons associated with the Russian government and its officials;

• An extended sanctions on russian banks that will now be subject to an asset freeze, thereby being completely cut off from EU markets.

Please be informed that the abovementioned sanctions will enter into force on the date of publication of the relevant implementing regulation in the Official Journal of the EU, which is expected to take place within few days. We will provide you with further details as soon as the relevant regulations will be published.

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