Norway today introduced even more sanctions in response to Russia's attacks on Ukraine in violation of international law. The new sanctions include measures adopted by the EU on 15 March and complement the comprehensive sanctions package that was introduced into Norwegian law on March 18.  

The new sanctions include the following measures:

  • Ban on transactions with twelve Russian state-owned companies
  • Trade restrictions, including those related to the import and transport of iron and steel products
  • Ban on the export of a number of luxury goods
  • A ban on new investments in the Russian energy sector, as well as restrictions on the export of equipment, technologies and services for the energy sector
  • Extension of the list of persons / units related to the Russian defense and industrial base with whom it is forbidden to trade
  • Prohibition of providing rating services to Russian persons and entities

This historic comprehensive package of sanctions specifically targets the financial, energy, transport and export control sectors. The list includes 877 natural persons and 62 units / companies. Their access to money and wealth must be frozen. It is also forbidden to share money or assets with them, either directly or indirectly. Violation of measures is punishable by law. Norwegian companies need to exercise caution and investigate measures when there are reasons to believe that listed companies and individuals are involved. Travel restrictions have also been introduced, i.e. entry and transit bans in Norway.

Sanctions, which were introduced into Norwegian law on March 18, and today were introduced in the Norwegian law of August 15, 2014 No. 1076. They were originally adopted as a reaction to the annexation of Crimea by Russia.

More information can be found on the websites regjeringen.no and in the amending provisions themselves (pdf) . The regulation takes effect immediately. The amendment will be published on Lovdata today. A consolidated version of the regulations is expected in Lovdata on March 25, 2022.