EU adds 15 persons to Ukraine related asset freeze list and travel ban, but holds off imposing broader economic sanctions

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In response to the most recent developments in the Crimea crisis, the EU Council decided on 28 April 2014 to add another 15 individuals to the EU’s asset freeze list and travel ban. The names have been published in Council Implementing Regulation 433/2014 today, and entered into force on the same day.

The EU has thus chosen to remain in the so-called ‘second-stage’ sanctions mode in addressing Russian actions deemed to undermine Ukraine’s territorial integrity. This does not exclude the EU moving to the third stage of sanctions (i.e., broader economic, trade and financial sanctions) in the near future.

II. Scope of the Sanctions -

On 28 April 2014, the Council announced2 its decision to add the names of 15 persons to the existing list of 33 individuals, making the list of parties in Russia and Crimea subject to a travel ban and asset freeze in relation to the Crimea crisis feature a total of 48 persons. (This designated parties list is separate from the EU asset freeze list in relation to alleged misappropriation of Ukrainian state funds and human rights violations in Ukraine, which currently features 22 persons.)

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Topics:  EU, Frozen Assets, Russia, Sanctions, Ukraine

Published In: General Business Updates, Elections & Politics Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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