Norway imposes new sanctions against Russia

Norway has introduced a new set of sanctions against President Putin and the Russian regime. These sanctions mirror the EU’s tenth package of sanctions, which was adopted by the EU on 25 February 2023, reported from the Norwegian Government.

‘It is essential that we maintain pressure on the Russian Government and its supporters. The sanctions are having an impact on the Russian economy and preventing key inputs from reaching the Russian war industry. Norway stands united with the rest of Europe and has aligned itself with all of the EU’s sanctions packages. We stand in solidarity with the people of Ukraine and fully support their fight for freedom,’ said Minister of Foreign Affairs Anniken Huitfeldt.

Norway has aligned itself with the EU's sanctions against Russia, with a few adaptations. The sanctions, including the import ban and price cap on crude oil and petroleum products, are hitting the Russian economy hard. In February, Russian tax revenues from the oil and petroleum sector fell by 46% compared to pre-war levels.

‘The sanctions are becoming increasingly comprehensive and represent a strong and clear European response to Russia’s war of aggression in Ukraine. The opportunities to engage in commercial activities with Russia have been significantly curtailed and carry a high risk,’ said Anniken Huitfeldt.

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