Brussels, 11/09/2014 (Agence Europe) - The sanctions adopted by the EU on 8 September will enter into force on 12 September, announced European Council President Herman Van Rompuy on Thursday 11 September. At the end of the morning of 11 September, the EU ambassadors agreed on this implementation after several days of discussion. Van Rompuy stated that “before the end of the month” the Permanent Representatives Committee (Coreper) would carry out “a comprehensive review of the implementation of the peace plan” on the basis of an assessment carried out by the European External Action Service (EEAS).
Recalling the “reversibility and scalability” of the restrictive measures, Van Rompuy stated that “in the light of the review and if the situation on the ground so warrants, the Commission and the EEAS are invited to put forward proposals to amend, suspend or repeal the set of sanctions in force, in all or in part”. He said that it is expected that the Council will consider these proposals urgently with a view to taking action if appropriate. A European source stated that the work of the Commission and EAAS would begin “pretty soon”.
The new sanctions will be published in the Official Journal on 12 September. They include the strengthening of restriction on Russia's access to EU capital markets. EU nationals and companies will therefore no longer be able to provide loans to five big Russian state-owned banks (Sberbank, VTB Bank, Gazprombank, Vnesheconombank and Rosselkhozbank), against which sanctions were previously taken at the end of July.
Trade in new bonds, equity or similar financial instruments with a maturity exceeding 30 days, issued by the same banks, is now prohibited. The same restrictions have been extended to three major Russian defence companies and three major energy companies. Providing services related to the issuing of the above financial instruments, such as brokering, is also included in the prohibition.
Services necessary for deep water oil exploration and production, Arctic oil exploration or production and shale oil projects in Russia - including drilling, well testing or logging services - may no longer be supplied.
The ban on exporting dual use goods and technology for military use in Russia has been extended to also include a list of nine mixed defence companies that must not receive dual use goods from the EU.
In addition, 24 people - “including the new leadership in Donbass, the government of Crimea as well as Russian decision-makers and oligarchs” - will be added to the list of those subject to a travel ban and an asset freeze. The legal basis has also been widened to allow imposing asset freezes and travel bans on people or entities conducting transactions with separatist groups in the Donbass region. (CG)