Further to our blog post of 29 July, the European Council has today adopted the package of additional restrictive measures in light of Russia’s actions destabilising the situation in eastern Ukraine. These will apply from tomorrow (1 August 2014) and only in respect of new contracts.
We will provide further detail once the relevant legislation is published later today but by way of summary, the new restrictive measures are:
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In order to restrict Russia’s access to EU capital markets, EU nationals and companies may no more 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 and those acting on their behalf. Services related to the issuing of such financial instruments, e.g., brokering, are also prohibited.
- An embargo on the import and export of arms and related material from/to Russia, covering all items on the EU Common Military List.
- A prohibition on exports of dual use goods and technology for military use in Russia or to Russian military end-users, including all items in the EU Dual Use List.
- Exports of certain energy-related equipment and technology to Russia will be subject to prior authorisation, although export licences will be denied if products are destined for deep water oil exploration and production, arctic oil exploration or production and shale oil projects in Russia.
For the European Council press release concerning these new restrictive measures, please click here.
