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    Sanctions and news

As of 04.03.2022 – Updates will be made continuously

Following Russia's recognition of the independence of the so-called Donetsk and Luhansk People's Republics (affected regions) on 21 February 2022, their military occupation and further Russian military advances into Ukrainian territory, the EU, the United States, the United Kingdom and other countries each imposed sanctions on Russia and the occupied territories in Ukraine. In addition to freezing and blocking assets, the measures also include broader capital market sanctions and territorial restrictions.

On 26 February 2022, the EU also decided to exclude some Russian banks from the SWIFT international transaction messaging system. Read more here

Show content of What are sanctions?

Sanctions are restrictions on the activities of the sanctioned persons, industries and/or countries with the aim of changing the behaviour of the sanctioned person or entity. They are imposed, in particular, in response to threats to international peace and security, including the proliferation and financing of terrorism, drug trafficking and human rights violations, bribery and corruption.


Who can impose sanctions?

Subject of sanctions

  • Isolation of the sanctioned person or entity
  • Exertion of pressure on political decision-makers
  • Tool for foreign policy or for achieving national security goals
  • United Nations (UN)
  • European Union
  • United States
  • Germany
  • Other countries and organisations
  • Persons
  • Organisations
  • Companies
  • Ships
  • Products (e.g. goods, software and technology, weapons, dual-use goods, diamonds)
  • Industries (military, oil, capital markets)
  • Countries / territories

Show content of Forms of sanctions

The aim of sanctions is to bring about a certain political behaviour or to change an existing behaviour. They are implemented by various ways and means.

Sanctions may target specific sectors, goods or services (including financial services) of an economy by prohibiting trade of these goods or services.

Moreover, various types of financial sanctions may be imposed:

  • They may involve freezing assets
  • They may be imposed as sectoral sanctions in the form of trade restrictions on a specific economic sector, often the energy and defence sectors. They may also be imposed on the financial sector and the capital markets by, for example, prohibiting the granting of loans to sanctioned parties
  • US regulators have the additional option of imposing secondary sanctions. These apply to certain individuals and companies identified as “subject to secondary sanctions” in the Specially Designated Nationals list of the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). Any natural or legal persons that conclude contracts with entities that the United States has made “subject to secondary sanctions” run the risk of being sanctioned by OFAC themselves

Show content of What are embargoes?

  • Embargoes are a subset of sanctions consisting of government-imposed restrictions aimed at, for example, preventing the trade in goods and services with a particular country. The sanctions against Russia prohibit, for example, the export of goods to Russia that may be used in oil or gas exploration
  • Embargoes may be total embargoes, partial embargoes and arms embargoes. In addition, a distinction is made between country-specific, goods-specific and personal embargoes
  • The penalties and coercive measures of embargoes target the import and export of goods and services. Sanctions, on the other hand, may also include penalties and coercive measures against a country such as entry bans. Accordingly, all embargoes are sanctions but not every sanction is an embargo

Show content of Is Belarus affected by the sanctions as well? And if so: To what extent?

The EU, the US and the UK have imposed sanctions against Russia, Belarus, and the occupied territories in Ukraine. These sanctions address several Russian and Belarussian financial institutions as well as some Russian and Belarussian natural and juristic persons. Status 01.03.2022, 5pm CET

Show content of Which banks are affected by the sanctions?

Please refer to the official websites of the respective regulators. You will find additional links below and in section 4 (“useful links”). Status 01.03.2022, 7pm CET

Show content of Additional Links

Further information on sanctions can be found on the following sources

Deutsche Bank has no influence on the content on these external websites. Therefore, Deutsche Bank AG is not responsible for information on websites that can be accessed via links on this website and therefore accepts no liability for the content on the pages of third-party providers. Any opinions or recommendations expressed on these independent websites are solely those of the providers or operators.

EU sanctions


US sanctions

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The information, advice and estimates (“Information”) on this Deutsche Bank AG website have been prepared in a highly volatile environment and do not constitute investment, legal or tax advice. The United States, the United Kingdom and the EU are imposing sanction packages in rapid succession, with the next wave of sanctions already under discussion. This means that the impact on customers and the banking sector is constantly changing and cannot be predicted with any certainty. All information is therefore subject to change without notice and may differ from information that is or has been included in other documents published by Deutsche Bank, including research publications. All information is provided for information purposes only and without contractual or other obligation. No warranty is given as to the accuracy, completeness or adequacy of the foregoing information

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