Norway has imposed sweeping sanctions on Russia’s military-industrial complex, banks, and airports

The Norwegian government has officially approved and brought into force a new, largest-ever package of sanctions against Russia, fully implementing the provisions of the European Union’s 21st package of restrictive measures in national law. Source: Norwegian government press office

Since Norway is not a member of the EU, a separate legal act had to be adopted to extend the force of European sanctions to Norwegian companies, ports and financial institutions, finally closing loopholes for circumventing restrictions in Northern Europe.

The new sanctions package deals a powerful blow to the Russian Federation’s financial system, military-industrial complex, critical logistics and energy sector.

Norway has imposed a complete ban on all transactions and financial operations with 33 additional Russian credit institutions and banks, and added 22 financial entities from third countries—including India, Mongolia, Nigeria and the United Arab Emirates—to its blacklist for helping the Kremlin process payments in circumvention of international barriers.

Fifty-one foreign companies from China, Hong Kong, Turkey, the UAE, Kazakhstan and Kyrgyzstan, found to have supplied Russia’s military-industrial complex, have been hit with strict export restrictions. Oslo has significantly expanded the list of goods banned from export to Russia, adding high-precision drone components, parts for electronic warfare systems, launchers, and specialty metals and alloys for the aircraft industry.

In addition, Norwegian sanctions apply to Russian oil refineries, the shadow fleet used to transport oil, and transactions involving liquefied natural gas (LNG). Access to Norwegian infrastructure has been restricted for two Russian seaports and four major airports, including Moscow’s Sheremetyevo Airport. Strict limits have also been imposed on dealings with cryptocurrency services, and imports from Russia of copper, nickel, zinc, lead, precious metals and raw materials for the chemical industry have been completely banned.

As a reminder, Norway considers Russia the greatest threat to its own security.