Latest Updates on Sanctions from the Department of Finance – Ireland

Members are reminded that all legal and natural persons are bound by the obligations in the sanctions.

Since publication of the Guidance on Sanctions by CCAB and CCAB Ireland, we have received the following updates from the Department of Finance. This is summarised material and should be read in conjunction with the official lists and Statutory Instruments.

The relevant Statutory Instruments are, or will shortly be, available on the Irish Statute Book. Further information on restrictive measures can be viewed also at:

• The Central Bank of Ireland
• D/Foreign Affairs – who also have domestic guidance on the implementation of sanctions at the bottom of that page
• The measures agreed at an EU level are also outlined on the EU Council website.

Email Received 4 March 2022 from Department of Finance

Please find below details of the most recent measures imposed on Belarus in response to its unprovoked and unjustified military aggression against Ukraine:

• An EU travel ban and asset freeze in respect of 22 persons associated with the Belarusian military and Ministry for Defence. These measures are imposed under the existing sanctions regime in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.
• Further restrictions on trade between the EU and Belarus, relating to the trade of goods used for the production or manufacturing of tobacco products, mineral fuels, bituminous substances and gaseous hydrocarbon products, potassium chloride (“potash”) products, wood products, cement products, iron and steel products and rubber products.
• Additional restrictions on exports of dual-use goods and technology and related services, as well as restrictions on exports of certain goods and technology which might contribute to Belarus’ military, technological, defence and security development, together with restrictions on related services.

Email Received 2 March 2022 from Department of Finance

Please find below details of additional measures imposed on the Russian Federation in response to its unprovoked and unjustified military aggression against Ukraine:

• A ban on the sale, supply, transfer or export of Euro banknotes to Russia or to any natural or legal person, entity or body in Russia is being introduced. This includes the Russian government and the Central Bank of Russia.
• The removal of 7 Russian banks from the SWIFT system with a 10 day lead in time. This includes any entity that the listed banks own 50% or more of. The banks affected are:
  
  • Bank Otkritie
  • Novikombank
  • Promsvyazbank
  • Bank Rossiya
  • Sovcombank
  • VNESHECONOMBANK (VEB)
  • VTB Bank
• A prohibition on investing in, participating or otherwise contributing to projects co-financed by the Russian Direct Investment Fund.
• A prohibition on broadcasting or enabling the broadcast of state-owned media Russia Today or Sputnik in the EU.