Export control and sanctions update: EU restrictive measures against Russia

On 31 July 2014, the Council of the European Union adopted Regulation (EU) No 833/2014, which implements Council Decision 2014/512/CFSP of 31 July 2014 (the ‘31 July Measures’). Also adopted are a series of measures relating to Crimea and Sevastopol and to the earlier asset freezing and visa bans (the ‘30 July Measures’). This follows the European Council’s Committee of Permanent Representatives’ (Coreper) agreement on further restrictive measures in response to Russia’s actions regarding eastern Ukraine and is a response to increasing calls from the US and some member states, including the UK, to target key sectors of the Russian economy. The president of the European Council, Herman Van Rompuy, and the president of the European Commission, José Manuel Barroso, have released a statement that describes these measures as a ‘strong warning’.

The 31 July Measures focus on sanctioning specific sectors of the Russian economy, namely the financial, energy and dual-use/military sectors. The 30 July Measures added a further eight persons and three entities to the list of those subject to the visa ban and asset freezing sanctions that were passed on 25 July. The 30 July Measures also imposed sanctions that ban new investment, including finance and insurance services and key equipment, in the regions of Crimea and Sevastopol for infrastructure projects in the transport, telecommunications and energy sectors and in relation to the exploitation of oil, gas and minerals…

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