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White & Case Ukraine News Update

New EU Russia sanctions: ban on oil project services; wider capital market sanctions (loans and credit, shorter-term equity, with 6 new defense/energy companies); dual-use export ban for 9 companies; 24 more people on asset freeze

White & Case Ukraine News Update

Today, the EU published a second round of targeted sanctions against Russia. These new measures expand the EU's existing Russia sanctions and restrict access to capital markets covering certain loans and credit, trade in money market instruments with a maturity exceeding 30 days, and by adding six Russian defense and energy companies to those targeted by the capital market restrictions. They also prohibit certain oil project services for deep water oil, Arctic oil and shale oil projects in Russia. They broaden the EU ban on providing dual-use items, which now covers nine listed Russian companies. In addition, the existing EU ban on providing financial services relating to prohibited arms exports has been expanded to include (re-)insurance.

Furthermore, 24 persons have been added to the EU’s asset freeze and travel ban list, including one senior business figure.

These new sanctions measures all take effect on 12 September 2014.

In a press statement, the President of the European Council confirmed that the EU may consider (partially) amending, suspending or repealing the sanctions depending on a review of the peace plan and the situation on the ground.

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