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From September 13, 2025, the Cabinet of Ministers' regulation will enter into force, which determine the framework of Latvia's national sanctions regime and define the criteria on the basis of which it is possible to impose national sanctions on specific individuals and legal entities related to the Russian Federation's military aggression against Ukraine. The Financial Intelligence Unit (FIU) invites you to familiarize yourself with the information on what these regulations provide for and how they will be applied in practice. Within the framework of the national sanctions of the Republic of Latvia, the government may impose financial and entry restrictions provided for in the Law on International and National Sanctions of the Republic of Latvia against entities that are not subject to international sanctions and that meet the specific criteria. For example, the aforementioned restrictions may be imposed against entities that are influential businessmen operating in the Russian Federation, or against individuals and legal entities operating in economic sectors that provide a significant source of income for the Russian Federation. The FIU explains that the Latvian national financial sanctions framework is essentially in line with the targeted financial sanctions imposed by the European Union. This means that when imposing national financial sanctions, the funds and any other economic resources of a person are frozen, as well as a prohibition is imposed on making funds or economic resources available. This essentially means that it is prohibited to directly or indirectly carry out any transactions with persons subject to financial sanctions. The Ministry of Foreign Affairs of the Republic of Latvia explains that, as the Russian Federation's aggression against Ukraine continues, it is necessary to promote the effectiveness of Latvia's sanctions policy and to provide for the possibility of imposing national sanctions against entities that are directly or indirectly involved or have been involved in supporting the Russian Federation's military aggression against Ukraine and cause or may cause harm to Latvia's national security. The FIU reminds that every person has an obligation to immediately report to the FIU about the implementation of international and national sanctions, including any freezing of funds or economic resources. This means that if a person is included in the Latvian national sanctions list and their funds or economic resources are frozen, the FIU must be immediately informed about this. More information about reporting obligations is available in the section “Information to be submitted to the FIU”. On September 12, 2025, the Cabinet of Ministers adopted the Cabinet Regulations “Regulations on the Determination of National Sanctions of the Republic of Latvia against Entities Related to the Military Aggression of the Russian Federation against Ukraine” (available in Latvian language) at an extraordinary meeting . This is an additional instrument with which, in the current geopolitical situation, it is possible to respond to threats to Latvia's national security caused by Russian aggression. The Regulations entered into force on September 13, 2025. They also provide for exceptional cases in the implementation of sanctions, when the FIU may make a decision on the application of exceptions, i.e. a decision on the issuance of a permit. At the same time, we inform you that on September 12, 2025, the Council of the European Union unanimously decided to extend until March 15, 2026 the restrictive measures directed against persons responsible for undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. Sanctions lists and other useful information available on the FIU website . Since April 2024, the FIU has been the national competent authority for sanctions enforcement issues in Latvia.

The Financial Intelligence Unit (FIU), together with the Customs Administration of the State Revenue Service, calls on exporters to pay special attention to the risks identified by the European Union (EU) related to the export of common high priority goods 1 to third countries. These are goods that, bypassing EU sanctions, end up in Russia or Belarus and are used for military purposes. The common list of high-priority goods includes goods and technologies that are important for the development, production, use of Russian military goods or that have been found in Russian weapons used in Ukraine. The EU sanctions framework provides for prohibitions and additional obligations for persons involved in the circulation of common high-priority goods. The aim of these bans is to ensure that Russia does not have access to critical technologies and to weaken its industrial base, thereby limiting the aggressor state's ability to wage war in Ukraine. The responsible Latvian authorities are intensifying their monitoring of the circulation of such goods and the effectiveness of the enforcement of the related sanctions regulations. The EU sanctions framework imposes certain prohibitions and obligations on persons involved in the circulation of high-priority goods. They apply not only to the sale, supply and export, but also to the transportation, loading and transhipment of goods. Therefore, the prohibitions also apply in cases where the goods are not imported into the EU, but only transported between a third country and Russia or Belarus. Economic operators must comply with these prohibitions at all times – regardless of where the export of the goods begins and whether the goods cross the territory of the EU. We would like to inform you that the FID has developed and published guidelines "Managing Sanctions Risks in Transactions with High-Risk Countries" to help entrepreneurs gain an understanding of how to develop and implement a set of measures or internal control system (ICS) to mitigate and manage sanctions risks when conducting transactions with business partners in high-risk countries, especially transactions related to goods or services subject to sanctions. Exporters of common high-priority goods can use these guidelines to meet their obligation under the sanctions framework2 to develop and implement an ICS to mitigate and effectively manage sanctions risks. It should be noted that exporters of common high-priority goods must implement and apply ICS measures to all transactions, not just transactions with counterparties in high-risk countries. Main prohibitions and obligations: Prohibition on direct or indirect export to Russia, Belarus and certain persons associated with the military and industrial sector, as well as transit ban: common high priority items shall be prohibited from being sold, supplied, transferred or exported, directly or indirectly, to any natural or legal person, entity or body in Russia or Belarus, or for use in Russia or Belarus, regardless of whether they are goods and technology originating in the EU or not. The transit of these items through the territory of Russia and Belarus is prohibited.3 These items shall also be prohibited from being sold, supplied, transferred or exported, directly or indirectly, to certain persons outside Russia and Belarus who are military end-users, who are part of the Russian or Belarusian military and industrial complex or who have commercial or other links to the Russian defence and security sector, or who otherwise support the Russian defence and security sector.4 The obligation to take steps to identify risks associated with the entry of goods into Russia and Belarus and to implement appropriate policies, controls and procedures to mitigate these risks: take appropriate measures, proportionate to their nature and scale, to identify and assess the risks associated with the export of high-priority goods or technologies to Russia and Belarus, and for use in Russia and Belarus, and ensure that those risk assessments are documented and updated; appropriate policies, controls and procedures, proportionate to their nature and scale, must be implemented to mitigate and effectively manage the risks associated with the export of high-priority goods or technologies to Russia and Belarus, and exports for use in Russia and Belarus, regardless of whether those risks are identified at the level of the Member State or the EU.5 Obligation to contractually prohibit re-export of goods to Russia and Belarus, and re-export for use in Russia and Belarus: exporters, when selling, supplying, transferring or exporting high-priority goods to a third country, shall prohibit re-export to Russia and Belarus, and re-export for use in Russia and Belarus, ensuring that the agreement with the third-country counterparty provides for appropriate legal remedies in the event of a breach of the re-export ban. Persons in Latvia must immediately inform the FID of the fact that a third-country counterparty has breached the re-export ban.6 Obligation to contractually prohibit the transfer of intellectual property rights and trade secrets to Russia or for use in Russia: when selling, licensing or otherwise transferring intellectual property rights or trade secrets, as well as granting the right to access or reuse any material or information protected by intellectual property rights or as a trade secret and related to the joint high-priority goods, the third-country partners must contractually prohibit their third-country partners from using such intellectual property rights, trade secrets or other information in connection with the joint high-priority goods intended to be sold, supplied, transferred or exported directly or indirectly to Russia or for use in Russia, and require the third-country partners to prohibit potential sub-licensees of such intellectual property rights or trade secrets from using such intellectual property rights, trade secrets or other information. The agreement with the third-country counterparty must provide for appropriate legal remedies in the event of a breach of the aforementioned prohibition on the transfer of intellectual property. Persons in Latvia must immediately inform the FID of the fact that a third-country counterparty has violated the aforementioned transfer prohibition.7 Obligation to obtain a permit for the export of goods to a third country, if the Export Control Division of the Ministry of Foreign Affairs of Strategic Importance has informed the exporter of the aforementioned obligation: with amendments that entered into force on 20 July 2025, the EU sanctions regulation introduced a requirement to obtain a permit for the export of goods and technologies that could contribute to the increase of the military and technological capacity of Russia or Belarus or the development of the defense and security sector to any third country, if the competent authority of the Member State in which the exporter is resident or established has informed the exporter of the aforementioned requirement. 8 High Priority Items List (Excel) Since April 2024, the FID has been the national competent authority for sanctions enforcement issues in Latvia. 1 Common high priority items are listed in Annex XL to Council Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine (Regulation No 833/2014); and in Annex XXX to Council Regulation (EC) No 765/2006 of 18 May 2006 concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine (Regulation No 765/2006). 2 Article 12gb of Regulation No. 833/2014, Article 8ga of Regulation No. 765/2006. 3 In accordance with Article 2a of Regulation No 833/2014 and Article 1f of Regulation No 765/2006. 4 In accordance with Article 2b of Regulation No 833/2014 and Article 1fa of Regulation No 765/2006. The list of persons who are military end-users, who are part of the Russian or Belarusian military-industrial complex or who have commercial or other links to the Russian defence and security sector, or who otherwise support the Russian defence and security sector, is set out in Annex IV to Regulation No 833/2014 and Annex V to Regulation No 765/2006. 5 Article 12gb of Regulation No. 833/2014, Article 8ga of Regulation No. 765/2006. 6 Article 12g of Regulation No 833/2014, Article 8g of Regulation No 765/2006. Further information: “https://finance.ec.europa.eu/publications/no-re-export-russia-clause_en” 7 Article 12ga of Regulation No. 833/2014. 8 Article 2a(1aa) of Regulation No 833/2014, Article 1f(1aa) of Regulation No 765/2006.

A significant precedent has been established in Latvia regarding the enforcement of sanctions: the Administrative District Court has rejected an application by a legal entity registered in Latvia to be removed from the list of sanctioned entities maintained by the Financial Intelligence Unit (FIU). The legal entity is 50% indirectly owned by a person included on the sanctions list. In rejecting the claim for compensation of more than one million euros, the court concluded that the actions of the involved authorities in publishing information about the applicant on the sanctions list were lawful. Similarly, no direct causal link was found between the authorities’ actions and the claimant’s inability to settle its obligations, as a result of which enforcement proceedings were directed against a helicopter owned by the claimant. “This ruling is a significant step toward strengthening Latvian case law regarding the enforcement of sanctions. It clearly confirms that a 50% ownership stake in a legal entity is sufficient grounds to freeze the assets of such a legal entity that is not included on the list. It is significant that the court confirms the need to interpret the element of control broadly in order to prevent the circumvention of sanctions. This ensures that attempts by sanctioned persons to transfer assets using front persons, trusts, or shell companies, as well as other attempts to evade the application of sanctions, are unsuccessful,” explains Marta Tilhena, Head of the Sanctions Implementation Division at the FIU. In accordance with European Union (EU) legislation and best practices, a 50% ownership stake is sufficient to apply the same restrictions to a person not directly included on the sanctions list be subject to the same restrictions as a person included on the list, including the freezing of funds and economic resources. Consequently, the FIU's action — in determining the justification for freezing the applicant’s assets and including them on the FIU's list of sanctioned entities—was deemed lawful in this case. The court, citing provisions of the Commercial Law, noted that ownership of 50% of the shares or equity interests also enables one to determine the composition of the board of directors, influence or block the company’s decisions, and control the use of funds and resources, which fully corresponds to the element of control within the meaning of the EU sanctions regime. A broad interpretation of the element of control is necessary to prevent the circumvention of sanctions. The Court draws attention to the real-world situation in which assets can be transferred within a short period of time, and therefore has identified ways in which a listed person may exercise control over an unlisted entity (e.g., majority ownership, use of front persons, use of trusts, shell companies, and limited liability companies). Sanctions lists and other useful information available on the FIU website. Since April 2024, the FIU has been the national competent authority for sanctions implementation in Latvia.

The Financial Intelligence Unit (FIU) has prepared informational material explaining the most important European Union sanctions restrictions that must be observed in the Republic of Latvia. The material is publicly available and may be freely used and distributed to raise awareness about the significance of sanctions, the main restrictions, and other important information. Sankciju ievērošana Latvijas Republikā Sanctions compliance in the Republic of Latvia which sanctions are in force in Latvia and who must comply with them;what legal consequences may result from violating sanctions;what services are prohibited for Russian and Belarusian companies and the government;with whom cooperation is prohibited (individuals, companies, banks);which import and export transactions with Russia and Belarus are prohibited;what to do if there is suspicion of a sanctions violation. In addition, the FIU has published guidelines titled “Sanctions risk management for business in heightened-risk countries”, to help businesses develop and implement a set of measures, or an internal control system (ICS), to mitigate and manage sanctions risks in transactions with businesses in heightened-risk countries. Please note that this informational material does not replace legal advice. Sanctions may be expanded or amended, so we encourage you to regularly check the latest information on the FIU website: https://sankcijas.fid.gov.lv

On July 18,2025, the member states of the European Union (EU) agreed to impose the 18th packageof sanctions against Russia. These sanctions impose stricter measuresparticularly in the energy and finance sectors. The Financial Intelligence Unit(FIU) urges close monitoring of changes in the sanctions regulations andemphasizes that it is especially important to ensure compliance among businessesinvolved in exports and international trade. Key elementsof the 18th round of sanctions: Lowered pricecap for Russian oil A new Oil PriceCap mechanism has been established, reducing the existing price ceiling andallowing the price ceiling to be reviewed regularly in accordance with theaverage market price of oil. Currently, the cap has been lowered by 15%, from60 to 47.6 USD per barrel. Ban on NordStream pipelines The EU isintroducing a complete prohibition on transactions related to the Nord Stream 1and Nord Stream 2 pipelines. This means that no EU operator will be permittedto engage in either direct or indirect transactions concerning the completion,operation, maintenance, or use of these pipelines. The ban also extends to thepurchase of natural gas if it is supplied via these pipelines. Prohibitionon the import of refined petroleum products The EU hasimplemented a ban on importing refined petroleum products produced from Russiancrude oil. This means that EU Member States will also be prohibited fromimporting such products from third countries if they are manufactured usingcrude oil of Russian origin. Expanded listof Russian “Shadow Fleet” vessels The sanctionslist has been expanded with an additional 105 “shadow fleet” vessels thatprovide Russia with revenue to finance the war against Ukraine. In total,sanctions now apply to 447 vessels that transport Russian oil using risky andcovert delivery methods. Stricter financialsector restrictions Previousrestrictions regarding the use of the SWIFT system by certain Russian bankshave been converted into a full ban on transactions. In addition, the list ofbanks with which transactions are prohibited has been expanded by 22 newRussian credit institutions. Furthermore,a transaction ban has been imposed on several banks outside Russia that use thefinancial messaging system SPFS created by the Central Bank of Russia. In thisway, Russia is seeking to reduce the impact of the disconnection of Russianbanks from the SWIFT system. Expanded sanctionslists An additional41 legal entities have been included in the sanctions list for providingsupport to the Russian military-industrial complex in the war against Ukraine,as well as for supplying goods and technologies that develop Russia’s militarysector. Simultaneously, the targeted financial sanctions list has been expandedwith 14 individuals. Under thesanctions regime targeting human rights violations in Russia, sanctions havebeen imposed on five Russian judges involved in serious human rights abuses andin carrying out repression against civil society and the democratic opposition. Meanwhile,under the sanctions regime addressing Russia’s destabilising activities in theEU and globally, a third package has been adopted, adding nine individuals andsix legal entities responsible for conducting foreign information manipulationand interference. SanctionsAgainst Belarus Eight legalentities linked to the military industry and arms production have been added tothe sanctions list. The Belarus sanctions regime has also been expanded toalign it with the sanctions imposed on Russia, including extended import andexport bans, an expanded list of goods and technologies prohibited from transitthrough Belarus, and a ban on transactions with certain Belarusian creditinstitutions and companies. SanctionsAgainst the Destabilization of Moldova Sevenindividuals and three legal entities have been added to the sanctions regimetargeting the destabilization of Moldova for activities directed against the stateof Moldova, including attempts to influence the 2024 presidential elections.The legal entities included in the sanctions list are located in Russia, whileamong the individuals, six hold Moldovan citizenship and one holds Russiancitizenship. More detailedinformation on the new package of sanctions is available in the OfficialJournal of the European Union. To supportentrepreneurs in developing and implementing a set of measures a.k.a. aninternal control system (ICS) for mitigating and managing sanctions-relatedrisks in transactions with businesses in heightened-risk countries, the FIU haspublished guidelines "Sanctions risk management for business inheightened-risk countries". Sanctionslists and other useful information are available on the FIU’s official website. From April 2024, the FIU is the national competentauthority in matters related to the sanctions implementation.

The Financial Action Task Force (FATF) has published “Complex Proliferation Financing and Sanctions Evasion Schemes”. This report is an essential resource that promotes public and private sector understanding of the threats posed by the proliferation of weapons of mass destruction (WMD), as well as their implications for international security and the stability of the financial system. The publication analyses methods by which states, state-supported entities, and non-state actors seek to circumvent sanctions and finance WMD proliferation through complex financial and procurement schemes. The document also highlights key vulnerabilities in the financial system and provides practical risk indicators that can help identify such activities in a timely manner. The report (in English language) "The FIU notes that the information included in the FATF report may be particularly useful in assessing the application of European Union sanctions against Russia. We also draw attention to the fact that Russia’s cooperation with the Democratic People’s Republic of Korea is a factor that must be taken into account when assessing proliferation financing (PF) and sanctions evasion risks." IN BRIEF The current risk environment is characterized by state and non-state actors acquiring and/or sourcing dual-use goods, technologies, and knowledge through procurement networks.The Democratic People’s Republic of Korea is identified as the most significant PF risk source, widely employing cyberattacks and generating revenue through IT workers, a variety of other sectors and illicit activity to evade sanctions and obtain funding for its WMD program.The report identifies examples of sanctions evasion schemes involving Iran and Russia. Although these countries are not subject to UN proliferation-related sanctions and are not included in the FATF’s definition of PF risk, their actions pose significant threats.Emerging technologies and virtual assets play an increasing role in sanctions evasion schemes. To circumvent sanctions and PF-related export controls, complex schemes are used. Based on information submitted by the FATF Global Network, the report highlights four main typologies: Enlisting intermediaries to evade sanctions restrictions;Obscuring beneficial ownership information to access the financial system;Using virtual assets and other technologies;The use of maritime and shipping sectors. The report describes challenges and good practices related to the detection, investigation, and prosecution of PF and sanctions evasion, as well as domestic coordination and cooperation, and international collaboration with regards to PF and sanction evasion. FATF is an international organisation that sets and monitors standards to prevent money laundering, terrorism and proliferation financing (AML/CFT/CPF).

To help businesses develop and implement a set of measures for mitigating and managing sanctions risks in dealing with operators in high-risk sanctions countries, otherwise called an internal control system (ICS), the Financial Intelligence Unit (FIU) has published the guidelines “Sanctions risk management for business in heightened-risk countries”. Heightened-risk sanctions countries are those that do not impose sanctions against Russia and Belarus and which, due to their geographic location or other reasons, are used to circumvent the restrictions set out in sanction regulations, for example, delivering sanctioned goods to Russia or Belarus. The guidelines include explanation on: how to identify the sanctions risk inherent to your business by conducting a sanctions risk assessment;which types of transactions are considered to be at heightened sanctions risk;how to implement and carry out measures, including enhanced due diligence on business partners and transactions, to manage the identified sanctions risks;how to effectively cooperate with credit institutions, thereby facilitating transaction execution. The guidelines were developed by the FIU in cooperation with the Finance Latvia Association, Latvijas Banka, the Customs Board of the State Revenue Service, the Ministry of Foreign Affairs, and the Employers’ Confederation of Latvia. The guidelines are designed to help manage sanctions risks related to the EU sanctions against Russia and Belarus, however, they can also be used in the broader context of other sanctions risks. Exporters of high-priority goods can apply these guidelines to fulfil their obligation under sanctions regimes to develop and implement an ICS for mitigating and effectively managing sanctions risks. The guidelines currently are available in Latvian language here and will soon be available in English language in section "Guidelines".

On Tuesday, 10 June 2025, significant amendments will enter into force in Latvia regarding liability for the violation of international sanctions. The amendments provide for tougher criminal penalties, a new administrative liability mechanism and simplified reporting on violations of international sanctions. These legislative changes strengthen national efforts to effectively prosecute the violators of international sanctions. “As a European Union Member State, Latvia has the duty to ensure that any violations of sanctions are subject to effective, proportionate and deterrent penalties. By strengthening the framework of penalties for serious offences, while at the same time introducing administrative liability for minor violations, a noteworthy step has been made for enhancing the efficiency of all authorities involved in preventing sanctions violations as well as investigating and prosecuting such offences. This holds particular significance given Russia’s continuing aggressive war against Ukraine”, says Juris Stukāns, Prosecutor General of the Republic of Latvia. “These are significant changes aimed primarily at deterring potential sanctions violations and also making the process of investigation and prosecution quicker and more efficient. At the same time, criminal liability has been retained for the violation of financial sanctions as well as for offences linked to goods and services that support the continuation of Russia’s military aggression against Ukraine,” as explained by Deputy Head of the Financial Intelligence Unit of Latvia (FIU), Paulis Iļjenkovs. Tougher penalties for sanctions violations Section 84 of the Criminal Law introduces new qualifying elements of a criminal offence and also extends the maximum limits for custodial sentence thereby making it possible to impose stricter penalties for sanctions violations. Criminal liability will apply to actions involving goods and related services that are subject to sanctions, provided that the violation of sanctions is committed on a significant scale, specifically, the value of the goods or services is not less than EUR 10 000. At the same time, the existing threshold for criminal liability in cases of violations involving goods of strategic importance, firearms and their essential components, ammunition for firearms, goods or technology intended for military purposes, and also other objects of sectoral or targeted financial sanctions, has been maintained. Administrative liability for minor violations The Law on International Sanctions and National Sanctions of the Republic of Latvia has been supplemented with additional provisions, thus establishing administrative liability in cases where the terms of sanctions have been violated through the purchase, sale or movement of sanctioned goods across the national border of the Republic of Latvia or through the provision of brokering services, technical assistance or any other services involving these goods, or through any other prohibited action involving these goods, provided that the value of the goods or services is below EUR 10 000. Fines of up to EUR 10 000 and EUR 30 000 may be imposed on natural persons and legal persons respectively. This approach will simplify and enhance the handling of violations that do not create high levels of harm, while also ensuring the confiscation of goods subject to sanctions and deterring individuals from committing offences in the future. Simplified reporting procedures The amendments have simplified the procedures for reporting on violations of international and national sanctions (including circumvention, which is a form of sanctions violation) or attempted violations of international and national sanctions by designating a single authority, the Financial Intelligence Unit of Latvia, to which reports should be submitted. Based on these amendments, the Financial Intelligence Unit of Latvia has updated its Guidelines on Reporting Suspicious Transactions and Refraining from Execution of Suspicious Transactions, which will be published on the website of the Financial Intelligence Unit of Latvia available at: https://fid.gov.lv/en/roles-and-responsibilities/strategic-analysis-and-guidelines.  Amendments have been made to the Law on International Sanctions and National Sanctions of the Republic of Latvia, the Criminal Law, and the law On the Procedures for the Coming into Force and Application of the Criminal Law, thus ensuring the transposition of Directive (EU) 2024/1226 of the European Parliament and of the European Council of 24 April 2024 on the definition of criminal offences and penalties for the violation of Union restrictive measures and amending Directive (EU) 2018/1673.

On Tuesday, 20 May 2025, European Union (EU) Member States agreed to adopt the 17th sanctions package against Russia. The Financial Intelligence Unit of Latvia (FIU) urges businesses to attentively monitor any changes that may affect operations involving both goods and services. “Due to geographical location, Latvia is at an increased risk of sanctions violations. For proper sanctions compliance, businesses are encouraged to consult the FIU in case of any uncertainties,” said Deputy Head of the FIU, Paulis Iļjenkovs. Key elements of the 17th sanctions package: Extended sanctions lists The sanctions list has been extended to include 75 persons (17 natural persons and 58 legal persons), including from China, the United Arab Emirates, Turkey and other third countries. Additionally, sanctions target 28 natural persons, particularly law enforcement officers, investigators, prosecutors and judges, who, through their actions, have aggravated the human rights situation in Russia, including by restricting freedom of expression and opinion. New criteria for inclusion on the sanctions list The sanctions framework now includes criteria enabling measures against assets involved in Russia’s destabilising operations, including vessels that damage critical infrastructure. It also includes the possibility to prohibit the transmission or other facilitation of Russian propaganda channels in the EU. In addition to previous sanctions, the EU has introduced new restrictions on exports of goods that contribute to Russia’s military and technological progress, strengthening of defence and security sectors, and support the development and manufacture of military systems. Extended list of Russian shadow fleet vessels The sanctions list targets 189 additional shadow fleet vessels which contribute to the Russian Federation’s revenue to finance its war against Ukraine. A total of 342 vessels transporting Russian oil using risky and clandestine shipping practices are now on the sanctions list. Additional measures target businesses and insurers that support the activities of the shadow fleet, including those based in the United Arab Emirates, Turkey and Hong Kong. These measures and the price cap for oil have facilitated the decline in Russia’s oil trade revenues by EUR 38 billion since the introduction of EU sanctions. In March 2025, Russian revenues were 13.7% lower than in March 2023 and 20.3% lower compared to March 2022. More information on the new sanctions package in the Official Journal of the EU. The sanctions lists and other useful information is available on the FIU website. 24 February 2025 marked three years since Russia’s full-scale invasion of Ukraine. The EU reaffirms its commitment to support Ukraine and to keep up the pressure on Russia until a fair and lasting peace is achieved in Ukraine. From April 2024, the FIU is the national competent authority in matters related to the sanctions implementation.