Source: European Parliament
Since March 2022, the Commission has taken unprecedented actions in response to Russia’s unprovoked military aggression against Ukraine. In close coordination with Group of Seven (G7) partners, the EU has adopted 17 packages of sanctions[1].
Many of the recent measures focus on reinforcements of existing sanctions in place since 2014, address circumvention and cut the remaining revenues that Russia draws from its exports.
With the adoption of the 16th package in February 2025[2], the restrictive measures applicable to the financial sector were further strengthened.
As a result of all such measures, some EUR 28 billion of private assets have been frozen in the EU under individual measures and more than EUR 200 billion of Russian Central Bank assets have been immobilised under sectoral sanctions.
The Commission was not informed in advance about the alleged cash transfers by EU credit institutions to Russia mentioned in the investigation by the Organised Crime and Corruption Reporting Project.
It is for the Member States, which remain competent for sanctions implementation and enforcement, to investigate whether the concerned transfers may have been used to circumvent EU financial sanctions, considering that in principle restrictive measures apply as of the day of entry into force in line with the legal acts.
The Commission continues monitoring the implementation of sanctions by Member States, gives regular guidance to them and welcomes information about concrete sanctions violations to be followed up with the national competent authorities.
Tackling possible circumvention attempts, including by the financial sector, is a key priority. The EU Sanctions Envoy continues his outreach to third countries identified as being high risk jurisdictions for circumvention.