EU restrictive measures relating to actions in Ukraine

Update as at 18 December 2023

Given the developing situation in Ukraine, Central Bank of Ireland will publish details of new restrictive measures/sanctions that are adopted in this regard, as well as any associated EU Guidance, on this page. All natural and legal persons must comply with EU Regulations relating to financial sanctions as soon as they are adopted. While sanctions are applicable to all natural and legal persons, given the nature of the activities carried out by credit and financial institutions, some additional guidance is provided below for this sector.

The European Commission has a dedicated webpage, entitled Sanctions adopted following Russia’s military aggression against Ukraine , which contains information on the various sanctions adopted, including Frequently Asked Questions. The page is regularly updated. Therefore, you are encouraged to regularly visit this page for the latest information, in particular prior to contacting the Central Bank with queries relating to sanctions adopted. 

In addition, the EU Sanctions Map provides comprehensive details of all EU sanctions regimes and their corresponding legal acts, including those regimes adopted by the UN Security Council and transposed as EU level.

Guidance for Firms

There is a legal obligation to comply with EU Council Regulations relating to financial sanctions as soon as they are adopted.  Once a person, entity or body has been listed under an EU restrictive measure regime, they are known as a “Designated Person”. On listing, there is a legal obligation not to transfer funds or make funds or economic resources available, directly or indirectly, to that Designated Person.  Accounts, funds or other assets belonging to a Designated Person should be frozen without delay, so that they cannot be made available, directly or indirectly, to that Designated Person.

Firms must ensure that they are compliant with financial sanctions at all times. This includes carrying out ongoing monitoring of transactions and customers.  To ensure compliance with EU financial sanctions, it is necessary to monitor the EU Financial Sanctions lists. The European Commission maintains a consolidated list of individuals, groups and organisations subject to EU financial sanctions.

What to do if a match or "hit" occurs

In the event that a match or a “hit” occurs against a Designated Person, Firms must immediately freeze the account(s) and/or stop the transaction(s) and report the “hit” to the Central Bank by email to [email protected], using the Sanctions Return Form.

For further information on sanctions reporting, please visit the Central Bank’s dedicated Sanctions Reporting webpage.

On 23 February 2024 the 13th package of sanctions against Russia was adopted. The focus of this package is the targeting of Russia’s military and defence sector and combating sanctions circumvention through further designations.

This package contains 194 individual designations, including 106 individuals and 88 entities. In particular, the focus of the 13th package is on:

  • Targeting Russia's military and defence sector: the new listings include more than 140 companies and individuals from the Russian military-industrial complex, which among other things manufacture missiles, drones, anti-aircraft missile system, military vehicles, high-tech components for weapons, and other military equipment.
  • Sending a strong signal against Russia's war effort partners: the new listings target 10 Russian companies and individuals involved in the shipping of Democratic People's Republic of Korea (DPRK) armaments to Russia. They also target the Defence Minister of the DPRK, as well as several Belarusian companies and individuals providing support to the Russian armed forces.
  • Fighting circumvention: the new listings include a Russian logistics company and its director involved in parallel imports of prohibited goods to Russia, and a third Russian actor involved in another procurement scheme.
  • Strengthening EU action against Russia's temporary occupation and illegal annexation of areas of Ukraine: the new listings include six judges and 10 officials in the occupied territories of Ukraine.
  • Sanctioning violations of children rights: The new listings also include 15 individuals and 2 entities involved in the forced transfer and in the deportation and the military indoctrination of Ukrainian children, including in Belarus.

Further information and background to these measures can be found on the EC Council Website and the Department of reign Affairs Website.

Important information regarding EU restrictive measures, relating to actions in Ukraine