EU introduces derogations from Russia sanctions

The European Union has published an EU Council Resolution specifying the procedure for applying sanctions against the Russian Federation for actions that undermine or threaten the territorial integrity, sovereignty, and independence of Ukraine.

The resolution introduces certain derogations from the procedure for freezing assets or banning the provision of funds to individuals and entities on the sanctioned list, to avoid threats to human health and environmental safety, or to prevent threats to food security. The corresponding text appeared on July 21 in the Official Journal of the EU, according to Ukrinform.

“On 21 July 2022, the Council adopted Decision (CFSP) 2022/1272 (3) amending Decision 2014/145/CFSP, whereby it introduced a further derogation from the asset freeze and the prohibition to make funds and economic resources available to designated persons and entities in order to urgently prevent or mitigate an event likely to have a serious and significant impact on human health and safety or the environment.

It is noted that the same resolution provides derogations from the freezing of assets and the prohibition of providing funds for certain banks to avoid global food insecurity and to prevent the interruption of payment channels for agricultural products. Another bank received an exemption from the asset freeze and from the ban on providing funds for the orderly completion of its operations.

The mentioned derogations were introduced at the joint proposal of the EU High Representative and the European Commission.

At this time, the Official Journal of the EU contains no list of the specified individuals and entities to which the specified derogations shall be applied.