New sanctions against Russia incorporated into Norwegian law

‘It is important to continue exerting pressure on President Putin and the individuals and entities who gain the most from and support his regime. We have now also incorporated the latest package of sanctions imposed by the EU into Norwegian law. We are introducing sanctions together with the EU and other countries to ensure that they have maximum effect,’ said Minister of Foreign Affairs Anniken Huitfeldt.

Norway has introduced further sanctions in response to Russia’s illegal attack on Ukraine. The new set of sanctions encompasses the restrictive measures adopted by the EU on 15 March, and comes in addition to the comprehensive package of sanctions incorporated into Norwegian law on 18 March.  

The new sanctions include the following restrictive measures:

  • Prohibition on transactions with 12 Russian state-owned enterprises.
  • Trade restrictions, including with regard to import and transport of iron and steel products.
  • Prohibition on exports of a range of luxury goods.
  • Ban on new investments in the Russian energy sector, and export restrictions on products, technology and services for the energy industry.
  • Further extension of the list of sanctioned persons and entities (linked to Russia’s military and defence areas) that are excluded from all business interactions.
  • Prohibition against the provision of credit rating services to any Russian persons or entity.

This historically comprehensive  package of sanctions targets the financial, energy, transport and defence sectors. Altogether, the list of sanctioned persons and entities now applies to a total of 877 individuals and 62 entities. Their access to funds and economic resources is to be frozen. There is also a prohibition on providing these persons/entities with funds or economic resources directly or indirectly. It is a criminal offence to violate these sanctions. Norwegian companies must exercise due diligence and study the measures carefully if there is any risk that their activities could involve entities and individuals on the sanctions list. The listed persons and entities are also subject to travel restrictions, i.e. a ban on entering or passing in transit through Norway.

More information is available on the Government website (regjeringen.no) and in the regulations themselves. The regulations will enter into force immediately. The amended regulations is available on Lovdata. The consolidated, updated version of the regulations will also be available on Lovdata.