A Timeline of US, EU, and UK Sanctions on Russia in 2023

📅 January 3, 2024

January 27
The EU extends economic sanctions on Russia targeting specific sectors of the economy, including trade, finance, and technology, until July 31, 2023.
February 4
A G7-led coalition, which includes the United States, United Kingdom (UK), and European Union (EU), sets a $100 per barrel price cap for oil products that trade at premium to crude (e.g., diesel) and $45 per barrel for products that trade at a discount to crude (e.g., fuel oil).
February 5
The EU imposes a ban on all Russian refined oil products, including gasoline and diesel fuel.
February 8
UK sanctions six entities providing military equipment to Russia and eight individuals and one entity connected to financial networks that help Kremlin elites.
February 24
On the first anniversary of Russia’s invasion of Ukraine, the United States and United Kingdom, in coordination with G7 partners, implemented new sanctions against some key revenue-generating sectors of the Russian economy, including US sanctions on Russia’s metals and mining sector.
February 25
The EU imposes its 10^th package of Russian sanctions targeting 120 individuals and entities, including Russian senior government officials and military leaders, as well as proxy Russian authorities in occupied territories in Ukraine.
March 13
The EU extends sanctions against 1,473 individuals and 205 entities until September 15, 2023. The restrictive measures include travel restrictions, asset freezes, and a ban on making funds or other economic resources available to the sanctioned individuals and entities.
April 12
The United States and UK implement new sanctions targeting financial networks that were helping Russian billionaires evade sanctions.
April 13
The EU adds Wagner Group and media outlet RIA FAN to the sanctions against Russia that were extended on March 13.
May 18
The UK announces new sanctions on Russian diamonds, metals, and military-industrial complex, building on previous bans of Russian iron and steel.
May 19
The United States imposes sanctions on 22 individuals and 104 companies in the energy sector as part of an agreement with G7 Leaders.
June 8
The UK imposes new sanctions targeting exports from Belarus in order to prevent Russia’s efforts to evade sanctions.
June 19
The UK introduces legislation to maintain sanctions on Russia until Moscow pays compensation to Ukraine, and creates a mechanism for sanctioned individuals to donate frozen funds to Ukrainian reconstruction.
June 23
The EU announces its 11^th package of sanctions on Russia that includes measures to impede Russian sanctions evasion, prohibit the transit of goods and technologies through Russia, and tighten export restrictions. The package also sanctions 71 individuals and 33 entities.
July 20
The EU extends sanctions against Russia until January 31, 2024. The United States sanctions 18 Russian individuals, and over 100 entities, including multiple Russian banks and high-technology and mining companies.
July 28
The EU adds seven individuals and five entities to its Russia sanctions list for conducting a digital information manipulation campaign that spread misinformation and propaganda supporting Russia’s aggression in Ukraine.
August 8
The UK sanctions 22 individuals and businesses outside of Russia that are supporting Russia’s invasion of Ukraine. The sanctions target businesses located in Türkiye and Dubai, and individuals located in Slovakia, Switzerland, and Iran. It also sanctioned three Russian companies that are operating in the electronics sector and providing products vital to producing military equipment.
August 11
The United States sanctions four investors of Alfa Group, one of Russia’s largest financial and investment conglomerates, and the Russian Union of Industrialists and Entrepreneurs.
September 13
The EU extends sanctions on Russia until March 15, 2024, including travel restrictions, assets freezes, and a ban on making resources available to sanctioned individuals and entities.
September 14
The United States announces sanctions on over 70 entities and individuals associated with Russian energy and industrial production and Russian sanctions evasion. The sanctions target Russian automotive manufacturers and investment companies, as well as companies based in Türkiye, Finland, and the UAE.
November 2
The United States imposes new sanctions targeting Russia’s energy production, export capacity, metals and mining sector, and defense industry. The sanctions include restrictions on Russian banks, technology companies, and natural gas companies. They also contain new measures addressing Russian sanctions evasion techniques, sanctioning companies operating in China, Türkiye, and the UAE.
November 8
The United Kingdom sanctions 29 individuals associated with Russian gold and oil networks, including Russia’s largest gold producers. The announcement also warns of Russian evasion techniques used in the gold industry and the National Crime Agency issues an alert on the subject.
December 5
The United States sanctions nine entities and five individuals based in Russia, Belgium, Cyprus, Sweden, Hong Kong, and the Netherlands for their involvement in procuring electronics with military applications for Russian end-users.
December 6
The UK announces sanctions targeting 46 individuals and entities for supplying and funding Russia’s military supply chain, including businesses in Belarus, China, Serbia, Türkiye, the UAE, and Uzbekistan.
December 12
The United States imposes sanctions on more than 150 individuals and entities supplying Russia’s military-industrial base after meeting and discussing with G7 Leaders a week prior.
December 15
The UK introduces new measures to prohibit correspondent banking for some lenders, including an asset freeze on one of Russia’s biggest lenders, as well as a ban on the import of certain Russian metals.
December 18
The EU announces its 12^th package of Russia sanctions targeting mainly Russian military and defense sectors in an effort to make evading sanctions more difficult for Russia. The package designates nearly 140 individuals and entities and includes restrictions on the import of Russian diamonds, tighter export restrictions, and the country’s IT sector.
December 22
President Biden issues Executive Order (EO) 14114 authorizing OFAC to impose sanctions on foreign financial institutions that facilitate significant transactions on behalf of persons designated for operating in key sectors of the Russian economy, or that involve Russia’s military-industrial base. This EO also prohibits the importation of products that have been processed or substantially transformed in third countries, such as Russian seafood.

Recorded Webinar

The Institute for Financial Integrity explored the progress global powers have made in limiting Russia’s ability to wage war. IFI’s Nicki Kenyon and Pavel Verkhniatsky, Managing Partner of Ukrainian due diligence and corporate intelligence firm COSA, will discuss two years of sanctions, restrictions, and other measures countries around the world have implemented after Russia’s invasion of Ukraine in February 2022.

Topics up for discussion will included:

The outlook for 2024 and what we could see on the horizon as countries around the world increase efforts to stop Russia’s aggression.
Russia’s efforts to evade sanctions and other restrictions, partnering with countries such as Iran, North Korea, and China, using third-country transshipment hubs, and other evasion techniques.
Ways companies and financial institutions can mitigate the increasing risks, especially using human intelligence sources, to inform their risk assessments.

View Recording

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A Timeline of US, EU, and UK Sanctions on Russia in 2023

January 27

February 4

February 5

February 8

February 24

February 25

March 13

April 12

April 13

May 18

May 19

June 8

June 19

June 23

July 20

July 28

August 8

August 11

September 13

September 14

November 2

November 8

December 5

December 6

December 12

December 15

December 18

December 22

Recorded Webinar

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