News

The 16th package of EU sanctions against Russia, approved on 24 February, did not include any provision for a further extension of deadlines for European companies to leave the Russian market. The last extension was included in the 15th sanctions package in December, moving the deadline to 31 December 2025 – the third time it had been extended.

Competent authorities in EU member states may issue individual permits to companies operating in Russia to conduct transactions with Russian state entities – which are generally prohibited under EU sanctions – as well as to import or transfer goods banned for import into Russia, export certain goods otherwise subject to sanctions, or provide services such as accounting and consulting, which are also generally prohibited by EU santions. The common condition for all such exemptions is that the transactions must be necessary for “exiting Russia or winding down operations in Russia.” These exemption mechanisms will remain available to European companies until the end of 2025.