On 30 July, the European Council published new legislation targeting entities involved in sensitive sectors in Crimea and Sevastopol. Amongst other restrictions, EU Regulation 825/2014 includes prohibitions on:
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Providing loans or other credit which would be used to exploit oil, gas and other mineral resources in Crimea and Sevastopol;
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Providing loans or other credit which would be used to acquire or develop infrastructure in the transport, telecommunications and energy sectors in Crimea and Sevastopol;
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Providing any other financial assistance, including insurance and reinsurance, related to the import of such goods; and
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Acquiring shares in enterprises involved in any of the above sectors.
Additionally, it is prohibited to supply specific equipment and technology listed in Annex III of the Regulation to any persons in Crimea or Sevastopol for use in these regions. These restricted products are also focused on the transport, telecommunications, energy, and oil/gas/minerals sectors.
For detail of all of the new restrictions, a list of products falling within “mineral resources”, and a list of products subject to the export ban, please access the Regulation here.
