Pillsbury Winthrop Shaw Pittman

Further European Union sanctions target Russia, while Russia retaliates

By Raymond L Sweigart, Aaron R Hutman, Steven Farmer and Stephanie J Rohrer

In response to the continuing situation in eastern Ukraine and Crimea, the European Union (EU) has adopted further significant sanctions against Russia. On 6 August 2014, Russia responded.

The EU is continuing to intensify sanctions against Russia in response to the rising tensions in eastern Ukraine and Crimea. A number of key restrictive measures came into force on 1 August 2014, contained in Council Regulation (EU) No 833/2014 of 31 July 2014.

New sectoral sanctions prohibit EU nationals and companies entering into contracts after 1 August 2014 to buy or sell a range of specified financial instruments (with a maturity exceeding 90 days) issued by the following major state owned Russian banks — Bank for Development and Foreign Economic Affairs (VEB), Gazprombank, Russian Agricultural Bank (Rosselkhozbank), Sberbank and VTB Bank OAO. This prohibition extends to their non-EU subsidiaries owned over 50 per cent and those acting on their behalf. Services related to the issuing of such financial instruments, e.g. brokering, also are prohibited…

Click on the link below to read the rest of the Pillsbury briefing.

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