The European Union Imposes Additional Restrictive Measures on Russia

01.08.2014. 14:45

Unofficial Translation

In view of Russian Federation actions which continue to destabilise in Ukraine, the EU has agreed on a number of additional restrictive measures against Russia. A decision has been made to limit access to EU capital markets for Russian state-owned credit institutions, development finance institutions and their branches, namely, the buying or selling of bonds, capital or financial instruments, and brokering services.

An embargo is imposed on the export and import of arms and any type of related materials. The export of dual-use goods and technology for military use or to a military end-user in Russia is banned. It is also prohibited to export to Russia certain sensitive technologies used in shale oil, deep water and Arctic oil exploration and production.

At the same time, the EU has added persons and entities to the list of natural and legal persons and entities threatening the territorial integrity and sovereignty of Ukraine and subject to restrictive measures. This list currently includes 92 persons and 23 entities.

The EU has also applied export and investment restrictions on Crimea. They provide for the prohibition of investment infrastructure projects in the transport, telecommunications and energy sectors, as well as the extraction of oil, gas and mineral resources. In addition, a ban on exports of equipment and technology is imposed in those sectors.

This step by the EU is a serious signal urging Russia to change its position and actions, which continue undermining the sovereignty, territorial integrity and independence of Ukraine. The Ministry of Foreign Affairs calls on Russia to engage in a meaningful dialogue as well as taking concrete steps to stop the flow of arms and combatants across the Russian-Ukrainian border, to cease aggressive propaganda, and withdraw its troops from the border area in order to facilitate a peaceful solution to the situation in the eastern regions of Ukraine.

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