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…

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