Further restrictions on the possibilities of conducting trade with Russia
Norway introduces a new round of sanctions against Russia. The new sanctions package goes further in introducing restrictions on goods and services that are important to Russia, and will reduce Russia’s ability to finance the war in Ukraine. With the latest sanctions package, the opportunity to trade with Russia and the regime’s supporters is further constricted.
New sanctions package
On 30 January, Norway once again extended the sanctions against Russia. The sanctions largely mirror the EU’s ninth sanctions package, which was adopted on 16 December.
Anniken Huitfeldt states that it is absolutely necessary to react to Russia’s brutal warfare in Ukraine, and that Norway therefore continues to stand with the EU in strengthening the sanctions against Russia.
The new measures briefly summarised
The most important changes in the latest sanctions package of 30 January 2023 are:
- Listing of a further 141 persons and 49 entities on the sanctions list including the Russian Regional Development Bank.
- In the interests of global food security, new authorities have been set up for the release of, and access to make funds available to, persons who, prior to their listing, had an important role in international trade in agricultural products and foodstuffs.
- Prohibition on holding positions in legal entities owned or controlled by Russian public institutions.
- New export restrictions, related to multi-use goods and technology, and goods and technology that can contribute to improve Russia’s military and technological capacity. The list of entities related to Russia’s military and industrial complex is being expanded by 168 entities, including Russian-controlled entities in Crimea and in Sevastopol.
- Extension of the ban on investments in the energy sector, by including the mining and extraction sector in Russia.
- Extension of export restrictions relating to goods for use in the aviation and space industry to include aircraft engines and their parts.
- The regulation has been amended to specify that the transfer and purchase of listed goods within Norway is permitted, as well as to allow the purchase, import and transfer of listed goods from the EU to Norway.
Read more in the Government’s press release here.
Continued cooperation on the management of fish stocks in the Barents Sea
Norway has already introduced a port ban, which means that there is a ban on port calls for Russian-flagged vessels. It is the vessel’s flag that governs whether the port ban is applicable. The port ban is limited to mainland Norway.
Fishing vessels calling at Tromsø, Kirkenes and Båtsfjord are specifically exempt from the ban on port calls. Fishing vessels can therefore unload fish and carry out crew changes. The background is that Norway is obliged to cooperate on the management of fish stocks in the Barents Sea.
The ban will also not normally cover search and rescue vessels or research vessels.
Did you know?
- Norway has already introduced very comprehensive measures that include all sectors that are of economic importance to Russia’s ability to finance its warfare against Ukraine.
- The measures are particularly aimed at the finance sector, the energy sector and the transport sector.
- The measures contain a number of provisions on export control, including bans on the export and import of a number of goods, technologies and services to and from Russia as well as restrictions related to illegally occupied areas in Ukraine.
The sanctions regulations are complex and can be difficult to navigate. In addition, the situation can quickly change. Feel free to contact us at SANDS for assistance in mapping and managing current sanctions risks.