The European Union has updated its note on restrictive measures in line with the non-recognition policy of the illegal annexation of Crimea and Sevastopol.
The EU policy of non-recognition consists of a broad range of measures that include asset freezes and travel bans, as well as restrictions on economic exchanges with the territory, including an investment ban and a prohibition of export of goods in certain sectors. These measures were first introduced in 2014.
On the one side, the non-recognition by the EU and its Member States of the illegal annexation of Crimea and Sevastopol by Russia means that the EU and its Member States do not recognise new Russian legislation on issues related to Crimea or Sevastopol as valid. On the other side, however, businesses that desire to establish or continue business relations with these territories will have to bear in mind that Russian legislation is de facto applied.
Therefore, the update note aims at providing some indication of what the de facto application of Russian legislation in Crimea and Sevastopol might entail for foreign businesses, considering that such legislation may be in contradiction with the applicable Ukrainian laws.
The note is available at the following LINK.