EU economic sanctions against Russia extended by six months
The EU restrictive measures have been in place since August 1 2014, based on Council Decision 2014/512/CSFP and Council Regulation No. 833/2014. These restrictive measures had been adopted in view of Russia's actions destabilizing the situation in Ukraine and were about to expire on the 31th of July 2015. By adopting Council Decision (CSFP) 2015/971 on the 22th of June 2015 the European Council renews the before mentioned economic sanctions for a period of six months until 31 January 2016 in order to enable the European Council to assess the implementation of the Minsk agreements. For an overview with regard to main aspects and relevance of said sanctions for stakeholders, please see our earlier contribution.
Crimea & Sevastopol sanctions extended by a year
The sanctions put in place by the EU in view of the Russian annexation of Autonomous Republic of Crimea ("Crimea") and the city of Sevastopol ("Sevastopol") were about to expire on 24 June 2015. Council Decision 2015/959/CFSP provides for the renewal of the sanctions until 23 June 2016. The prohibitions as set forth in Council Regulation 692/2014concerning restrictive measures in response to the illegal annexation of Crimea and Sevastopol include, inter alia:
- an import ban of goods originating in Crimea or Sevastopol, unless the Ukrainian authorities issue a certificate of origin;
- a prohibition as regards providing financial services to Crimea and/or Sevastopol;
- a prohibition with regard to certain tourism services in Crimea and/or Sevastopol;
- a prohibition as regards investment in Crimea and/or Sevastopol;
- a prohibition with regard to the export of certain listed goods and technologies to any person or legal entity or body in Crimea and/or Sevastopol or for use in Crimea or Sevastopol. The goods and technologies listed are suited for use in the following sectors:
- the prospection, exploration and production of oil, gas and mineral resources.
The renewal of the sanctions reaffirms European Council's position that it will not recognize the illegal annexation of Crimea and Sevastopol to the Russian Federation and continue with the implementation of its non-recognition policy.