EU Sanctions

Regulation published in the Official Journal

EU Council and Commission agree package of restrictive measures

29 July 2014

Sanctions 31 July/12 September 2014

OverviewThe Council's Committee of Permanent Representatives (Coreper) meeting of 28 July 2014 agreed on trade and investment restrictions for Crimea and Sevastopol, as requested by Council of 16 July. These comprise a ban on new investment in the following sectors in Crimea and Sevastopol: infrastructure projects in the transport, telecommunications and energy sectors and in relation to the exploitation of oil, gas and minerals. Key equipment for the same six sectors may not be exported to Crimea and Sevastopol; finance and insurance services related to such transactions must not be provided. It was further agreed that 8 persons and 3 entities will be added to the list of those subject to an asset freeze and a visa ban. This brings the number of persons and entities under EU restrictions to 95 persons and 23 entities.These measures came into force after their publication in the EU Official Journal on 30 July 2014.

The Coreper also reached a further agreement on 30 July 2014 on EU restrictive measures against Russia in view of its actions in eastern Ukraine. In order to restrict Russia's access to EU capital markets, EU nationals and companies may not buy or sell new bonds, equity or similar financial instruments with a maturity exceeding 90 days, issued by major state-owned Russian banks, development banks, their subsidiaries outside the EU and those acting on their behalf. Services related to the issuing of such financial instruments, e.g. brokering, are also prohibited. In addition, an embargo on the import and export of arms and related material from/to Russia was agreed. They apply from the day following their publication in the Official Journal of the EU, which was 31 July 2014.

Latest newsAt the Council's Committee of Permanent Representatives (Coreper) on 28 and 31 July, agreement was reached on EU restrictive measures against Russia in light of its actions in Eastern Ukraine. The measures come into effect the day after their publication in the Official Journal of the EU on 30 and 31 July 2014. A joint statement regarding the measures was issued on the 29 July 2014 by the European Commission and European Council.

In view of the gravity of the situation on the ground in Eastern Ukraine, the EU took new sanctions targeting sectoral cooperation and exchanges with Russia. On 8 September, further restrictions were formally adopted by the Council through written procedure. The measures apply from publication in the Official Journal of the EU on 12 September 2014.These measures will strengthen restrictions on access to EU capital for five major Russian state-owned banks, as well as three major Russian defense companies and three major energy companies by prohibiting trade in new bonds, equity or similar financial instruments with a maturity exceeding 30 days, issued by them the granting of loans to the same banks and companies amongst other non- financial restrictions.

Entry into force 31 July/1 August 2014