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White & Case Ukraine News Update

EU clarifies - and narrows the scope of - its Russia sanctions

White & Case Ukraine News Update

The EU has published further amendments to its sanctions targeting Russia contained in Regulation 833/2014.

The stated purpose is to "clarify certain provisions", and indeed a number of key concepts such as "Arctic", "deep water" and "shale" projects (in the context of oil exploration and production) are replaced with more precisely worded and narrower concepts, notably for "shale" (now only "hydraulic fracturing") and "Arctic" (now only "offshore Arctic"). There are also explicit exceptions to the oil sector sanctions for health and safety or environmental work. Additional details are also provided with respect to the capital market restrictions, with the concept of a new credit/loan being clarified and the exceptions broadened. Overall, the amendments tend to narrow the scope of the previous sanctions by adding a number of carve-outs (albeit relatively limited).

These amendments take effect from 6 December 2014.

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