News 18 Mar, 2022 Ukraine Conflict - EU imposes further sanctions on Russia Tony Paulson Head of Asia & Corporate Director On 15 March 2022 the EU adopted a fourth package of sanctions in response to Russia’s military aggression against Ukraine.    Download PDF Nine entities operating in the Russian aviation, military, shipbuilding and machine building sectors, and fifteen individuals including Russian oligarchs have been designated to the EU sanctions list ( Council Implementing Regulation (EU) 2022/427 ). Those designated include: Rosneft Aero; JSC Rosoboronexport; JSC NPO High Precision Systems; JSC Kurganmashzavod; JSC Russian Helicopters; PJSC United Aircraft Corporation; JSC United Shipbuilding Corporation; JSC Research and Production Corporation Uralvagonzavod, and JSC Zelenodolsk Shipyard (A. M. Gorky Zelenodolsk Plant). Members should be aware that where an individual is listed, an ownership and control analysis should be undertaken to establish any impact on a linked company with which they are transacting. The Commission Opinion of 8th June 2021 is helpful in identifying the factors to take into account and the approach to be taken.  The other measures as set out in Council Regulation (EU) 2022/428 amending EU Regulation no. 833/2014 include the following prohibitions: The sale, supply, transfer or export of equipment or technology (whether or not originating in the EU) which is listed in Annex II to a person or entity in Russia or for use in Russia. Annex II includes certain goods and technology suited to certain categories of exploration and production projects.  It is also prohibited to provide technical assistance or financial assistance (which is defined to include insurance or reinsurance) in respect of these activities. There is an exemption until 17 September 2022 for the performance of contracts concluded before 16 March 2022 provided that the competent authority of the EU member state has been given five working days prio