Norway introduces additional sanctions against Russia
Press release | Date: 26/08/2022 | Ministry of Foreign Affairs
Norway has introduced a new set of sanctions against President Putin and the Russian regime.
The package of sanctions adopted by the EU on 21 July 2022 has been incorporated into Norwegian law and enters into force in Norway today.
‘Once again we are acting in concert with the EU to impose sanctions on Russia to maintain pressure on the Russian Government and listed members of the Russian elite. These sanctions are a necessary response to Russia’s brutal and unprovoked attack on Ukraine,’ said Minister of Foreign Affairs Anniken Huitfeldt.
The purpose of the wide-ranging packages of sanctions is to reduce Russia’s ability to finance its illegal war in Ukraine. Existing sanctions are being tightened and opportunities to carry out commercial activities with Russia have been significantly curtailed.
Facts about the additional sanctions against Russia
The latest package of sanctions against Russia was adopted by the EU on 21 July 2022. The main elements of the new package are:
- A further 54 individuals and 10 entities, including Sberbank, have been added to the list of natural and legal persons, entities and bodies subject to restrictive measures. The list has already been incorporated into Norwegian law. At present, the list encompasses more than 1 200 individuals and more than 100 entities.
- The package introduces a new prohibition on the purchase, import or transfer, directly or indirectly, of gold if it originates in Russia.
- The existing port access ban has been extended to include locks.
- It is possible to release frozen economic resources if this is necessary for the urgent prevention or mitigation of an event likely to have a serious and significant impact on human health and safety or the environment, and to release funds or economic resources belonging to specified entities when it has been determined that these funds or economic resources are necessary for the purchase, import or transport of agricultural and food products.
- Strengthening of existing reporting obligations, including a new requirement for listed individuals and entities to declare all assets and economic resources that belong to, or are owned, held or controlled by them, and that are within Norwegian jurisdiction.
- Further amendments of the prohibition to enter into any transactions with specified Russian public entities.
- Expansion of the scope of the prohibition on accepting any deposits from Russian nationals or natural persons residing in Russia, legal persons, entities or bodies established in Russia to include those from legal persons, entities or bodies established outside the EU or Norway and majority-owned by Russian nationals or natural persons residing in Russia.
- Further clarification of various measures, including the prohibitions on the provision of certain services by central securities depositories; on providing credit rating services; on the award of public procurement contracts; and on registering or providing a registered office or business or administrative address to a trust.
- Reinforced export controls on dual use and advanced technology.
- Extension and revision of the list of goods and technology that may not be exported to Russia because they could contribute to Russia’s military and technological enhancement, or the development of the defence and security sector. The list of goods and technology for use in oil refining that are subject to a ban on exports has also been expanded.
The sanctions adopted by the EU have been implemented in Norwegian law through amendments to the relevant regulations.
For more information about the full sanctions package, see the regulations (PDF, Norwegian only).
The amendments to the regulations will enter into force immediately. The amended regulations will be published on Lovdata.