EU adopts new sanctions package against Russia

Due to the worsening of the situation in Eastern Ukraine, the European Union has adopted a package of restrictive measures which are to limit sector cooperation and exchange with the Russian Federation

Due to the worsening of the situation in Eastern Ukraine, the European Union has adopted a package of restrictive measures which are to limit sector cooperation and exchange with the Russian Federation.

Economic measures. Limiting access to EU capital markets for Russian financial institutions, arms embargo, import ban on dual-purpose goods and technologies for military use as well as limiting access to sensitive technologies in the oil sector. The measures are coming into force on 1 August 2014 and will not include the existing contractual obligations.

The arms embargo does not pertain to the procurement of replacement parts and maintenance of the existing EU defence capabilities.

In the area of financial services, the restrictions concern Russia’s major financial institutions – Sberbank, VTB Bank, Gazprombank, Vnesheconombank and Rosselkhozbank, as well as their branches outside the EU. The restrictions do not apply to payments system, deposits and loans.

Restricting doing business with Crimea. Following the policy of non-recognition of the illegal annexation of Crimea, the EU is imposing a ban on new investments in transport, telecommunications, energy, gas, oil and minerals, as well as a ban on the import of crucial equipment and technologies is said areas.

Assets freeze and travel ban is introduced against eight additional persons and three entities for supporting Russian official responsible for destabilizing Eastern Ukraine and unlawful annexation of Crimea or for profiting from their acquaintance. With this, assets freeze and travel ban is now being enforced against 95 persons and 23 entities. 

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