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White & Case Ukraine News Update

EU adds more separatists and five Russian officials to Ukraine-related asset freeze list

White & Case Ukraine News Update

The EU has today extended its sanctions in relation to Ukraine by adding 19 persons and nine entities to the asset freeze list. These newly designated parties are deemed to be actively involved in separatist activities in Eastern Ukraine or supporting such activities from Russia.

The expanded EU asset freeze was unanimously adopted by the Foreign Affairs Council last Monday (9 February 2015), but the entry into force of the sanctions was then put on hold to allow continued diplomatic efforts to reach a ceasefire agreement for Eastern Ukraine. Despite the new Minsk ceasefire accord established last week, the EU has now enacted the expanded asset freezefreeze "in view of the continued gravity of the situation on the ground in Ukraine".

On 16 February 2015, Regulation 2015/240 was published by the EU to add another 14 Ukrainian separatists and 5 Russian officials to the list of parties subject to an asset freeze and visa ban. Nine separatist groups have also been added to the asset freeze list.

Under the asset freeze, all funds and economic resources belonging to or controlled by the listed parties that fall under EU jurisdiction (e.g. are held by EU banks) will be frozen. Furthermore, no funds or economic resources (in the broad sense) may be made available – directly or indirectly – to or for the benefit of the listed persons by parties falling under EU jurisdiction.

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