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White & Case Ukraine News Update

EU extends Crimea sanctions: broad ban on investment, exports and tourism

White & Case Ukraine News Update

The EU has extended its sanctions against Crimea and Sevastopol with the aim of reinforcing its policy of not recognizing Russia’s annexation of the peninsula in March 2014. The new measures, which enter into force on 20 December 2014, include three main elements:

(1) A general EU ban on investments in real estate and businesses located, established or registered in Crimea and Sevastopol;

(2) A ban on exporting a wide range of goods and technology (no matter what sector they are used in) to Crimean companies or for use in Crimea – as well as providing related technical assistance, brokering, construction or engineering services; and

(3) A prohibition on providing services directly related to tourism activities in Crimea or Sevastopol, including a ban on cruise ships from entering various Crimean ports.

These bans are subject to a number of exceptions, including the execution of obligations arising from contracts pre-dating 20 December 2014.

In addition, the European Commission has issued guidance on the implementation of the EU’s sanctions targeting Russia adopted to date, notably on the provisions concerning financial assistance, financial services and the capital markets restrictions.

Finally, the EU Regulation imposing a ban on exports of jet fuel and relevant additives to Syria entered into force on 14 December 2014.

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