Ukraine Crisis Update: EU Enacts Sanctions Targeting Military Exports, Oil Sector and State-Owned Banks

The EU’s “Stage 3” sanctions restrict exports to the Russian military, exports of certain technologies for the oil industry, and certain Russian State-owned banks’ access to EU capital markets.

New EU Measures Target Sectors Not Directly Connected to Events in Ukraine -

On July 31, 2014, the EU enacted Council Regulation (EU) No 833/2014 (the Regulation), containing so-called “Stage 3” sanctions against Russia. These sanctions resemble — but in several respects differ from — the enhanced US sanctions. Notably, the sanctions go beyond the designation of certain individuals and entities for purposes of the EU asset freeze. The new sanctions must be reviewed by the Council of the EU by October 31, 2014, and remain in force until July 31, 2015, unless they are renewed or revoked at an earlier date.

Significantly, these latest sanctions target certain sectors of the Russian economy not directly connected to events in Crimea and eastern Ukraine.

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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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