Edited by Sergio Silvestri

A complete ban on the import of Russian crude oil and petroleum products transported by sea, covering 90% of current European oil imports from Russia.

It is one of the restrictions contained in the sixth package of measures adopted by the European Council. Further sanctions are also planned against Belarus for its involvement in the attack on Ukraine. The ban is subject to transition periods to allow global markets to adjust, and to a temporary exemption for crude oil transported via pipelines to ensure that Russian oil is phased out gradually, with minimal impact on prices.

Regarding exports, the sixth package also includes restrictions on substances that could be used to manufacture chemical weapons. With the aim of reducing energy imports from Russia, the European Commission adopted the REPowerEU plan on May 18 to eliminate dependence on Russian fossil fuels and address the climate crisis. Regarding oil import restrictions, it should be noted that in 2021, the EU imported €48 billion in crude oil and €23 billion in refined petroleum products from Russia. EU states that are particularly dependent on Russian pipelines can benefit from a temporary exemption and continue to receive crude oil via pipeline, but will not be able to resell crude oil and petroleum products imported from Russia. A special temporary exemption is foreseen for Bulgaria: it will be able to continue to import crude oil and petroleum products transported by sea until the end of 2024. Croatia will also be able to authorize the import of Russian vacuum-packed diesel fuel until the end of 2023.

Among the measures related to financial services, it is worth noting that other Russian banks, including the country's largest bank, Sberbank, and another Belarusian bank have been excluded from the Swift network.

To learn more about international sanctions, export control, and anti-money laundering, the Italian Anti-Money Laundering & Compliance School has organized a webinar on June 28 and 29, led by Professor Massimo Ferracci, an independent corporate financial adviser and member of the School's Scientific Committee, and Dario Gorji Varnosfaderani (de Capoa & Partners), a lawyer specializing in export control and international economic sanctions.

On Tuesday, June 28th, the enhanced due diligence process for countries at high risk of money laundering and subject to international sanctions will be discussed, and the cases of the Russian Federation and Belarus will be examined. On Wednesday, June 29th, the management of international lists, the rules governing suspicious transaction reporting, and dual-use regulations will be addressed.

It is important to note that, in the context of international economic transactions, legislation on sanctions, embargoes, and trade restrictions has assumed primary importance at both the European and Italian levels, significantly impacting the anti-money laundering compliance of professionals and businesses. Conducting enhanced checks and proper anti-money laundering due diligence becomes essential when dealing with countries subject to international sanctions. This seminar offers an overview of the European and national legislative framework for sanctions, embargoes, and trade restrictions and aims to provide practical tools for preventing money laundering risks in international economic and financial transactions. The course is aimed at anyone involved in internationalization processes within a company, with a particular focus on export control aspects, from sanctions managers and specialists within exporting companies, banks, and financial intermediaries to anti-money laundering managers and specialists.