In addition to numerous foreign and security policy measures, the European Union has also imposed comprehensive economic sanctions against Russia. As part of this, the sanctions against Russia, which have been in place since 2014, were massively expanded on February 23 and February 25, 2022. In the night of February 27, 2022, the heads of state and government of the European Union also agreed to impose further sanctions against Russia

The main measures of the new sanctions packages at a glance:

• Military goods embargo: export ban on military goods and other military equipment to Russia; ban on technical support or financing of military goods
• Export ban on dual-use goods: Restrictions (reporting and authorization requirement) for so-called dual-use products; inspection requirement for exports to Russia also applies to non-dual-use goods (so-called catch-all clause)
• Financial sanctions: Exclusion of certain Russian banks and companies from the European capital market (including lending business, stock exchange trading, trading in Russian government bonds, acceptance of deposits from Russian nationals, etc.); exclusion from the international financial communication system Swift
• Sanctions against the transport sector: export ban on aircraft and spacecraft and ban on technical and financial support and (re)insurance for these; closure of European airspace to all Russian aircraft; a ban on Russian ships entering European ports is also being discussed as a further future measure
• Sanctions against the energy sector: ban on trade in certain goods, technologies and services for the oil industry
• Sanctions against the technology sector and media: ban on trade in certain goods, technologies and services required for the production of microchips; ban on Russian state media RT and Sputnik
• Sanctions against politicians, business people and elites close to the government: Freezing of assets in the European Union, visa restrictions

In addition to the economic sectors directly affected by the new sanctions, the sanctions against Russia are also likely to have a massive indirect impact on the rest of the economy. Significant disruptions to international transport chains are expected, particularly due to impending or already implemented restrictions on transport routes. Closures of ports, airspace and overland transport routes by Russia and Ukraine will further exacerbate the already tense situation for the intercontinental transportation of goods from Asia and China to Europe as a result of the coronavirus crisis.