On 30 July 2014, the EU implemented further trade and investment restrictions against Crimea and Sevastopol and sanctioned an additional eight individuals and three entities. As we previously reported, these sanctions were agreed by the EU as part of a wider sanctions programme directed at Russia in view of the escalation of the political crisis in Ukraine.
1) “The sale, supply or transfer of key equipment and technology for the creation, acquisition or development of infrastructure projects” in the transport, telecommunications and energy sectors in Crimea and Sevastopol is now prohibited. It is prohibited to provide enterprises that are “engaged in the creation, acquisition or development of infrastructure” in these sectors with technical assistance or training and financing or financial assistance for the “sale of key equipment and technology”.
2) The “sale, supply or transfer of key equipment or technology” for the exploitation of oil, gas and minerals in Crimea and Sevastopol is prohibited, as is granting technical or financial assistance to enterprises engaged in exploiting these resources.
Until 28 October 2014, both of these prohibitions will operate without prejudice to the execution of contracts concluded before 30 July 2014.
3) The granting of financial loans or credit to companies involved in the transport, telecommunications and energy sectors or involved in the exploitation of natural resources is now prohibited. This prohibition is without prejudice to contracts concluded before 30 July 2014.
In addition, a further eight individuals and three entities have been added to the list of those subject to sanctions for “undermining or threatening the territorial integrity, sovereignty and independence of Ukraine”.
The reasons given for listing three of these individuals include their ‘long-term acquaintance[s]’ with President Putin. The eight individuals now subject to an asset ban and travel freeze are Alexey Alexeyevich GROMOV, Oksana TCHIGRINA, Boris LITVINOV, Sergey ABISOV, Arkady Romanovich ROTENBERG, Konstantin Valerevich MALOFEEV, Yuriy Valentinovich KOVALCHUK and Nikolay Terentievich SHAMALOV. The three entities now listed are JOINT-STOCK COMPANY CONCERN ALMAZ-ANTEY, DOBROLET and the RUSSIAN NATIONAL COMMERCIAL BANK. The additions were made by way of a new Decision and implementing Regulation, and a Notice for the attention of those listed was published in the Official Journal of the EU on 30 July 2014.
The details of the remaining sanctions announced by the EU yesterday are still awaiting publication. A list of the up to date sanctions currently in force against Ukraine and Russia can be found on the ‘sanctions in force’ section of this blog.