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White & Case Ukraine News Update

EU imposes targeted Russia sanctions (banks, arms and oil-related equipment and technology); imposes Crimea/Sevastopol trade/investment restrictions and adds Russian names to asset freeze list

White & Case Ukraine News Update

The EU has adopted and published targeted sanctions against Russia covering banks, the oil sector and arms in response to the situation in Ukraine. The new sanctions include an EU ban on purchase or sale (and related services) of new bonds, stock or long-term debt from certain Russian major state-owned banks and their affiliates. Member State authorization will henceforth be required for export of specified energy-related equipment and technology to Russia, while supply of such items to Russian deep water, Arctic and shale oil exploration projects is banned. Finally, the new sanctions impose an arms embargo on Russia, and impose a ban on supply of dual-use goods and technology for Russian military use. These new sanctions measures take effect on 1 August 2014.

At the same time, the EU has imposed further trade and investment restrictions relating to certain natural resources exploitation and infrastructure projects (transport, telecommunications, energy) for Crimea and Sevastopol as of 31 July 2014. The EU has also added 11 Russian parties to the asset freeze as of 30 July 2014.

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