On 12 September, the EU expanded its regime of sector-wide sanctions imposed on Russia in response to the ongoing crisis in Eastern Ukraine. Council Regulation (EU) 960/2014 imposes additional restrictions on accessing European capital markets, supplying dual-use goods and technology, providing financial assistance for military goods and engaging in activities related to oil exploration and production.

The further restrictions on access to EU capital markets for listed entities include a prohibition on dealing in transferable securities and money-market instruments with a maturity exceeding 30 days issued after 12 September 2014, and a prohibition on any direct or indirect involvement in the provision of loans or credit with a maturity exceeding 30 days after 12 September 2014.  The following new entities are included in the expanded list: (1) OPK Oboronprom, (2) United Aircraft Corporation, (3) Uralvagonzavod, (4) Rosneft, (5) Transneft, and (6) Gazprom Neft.

In addition, the existing prohibition on dual use goods and technology has been extended to the following entities: (1) JSC Sirius, (2) OJSC Stankoinstrument, (3) OAO JSC Chemcomposite, (4) JSC Kalashnikov, (5) JSC Tula Arms Plant, (6) NPK Technologii Maschinostrojenija, (7) OAO Wysokototschnye Kompleksi, (8) OAO Almaz Antey, and (9) OAO NPO Bazalt.

The following 24 individuals will become subject to an asset freeze and a travel ban: (1) Alexander Zakharchenko, (2) Vladimir Kononov/Aka “Tsar”, (3) Miroslav Vladimirovich Rudenko, (4) Gennadiy Nikolaiovych Tsypkalov, (5) Andrey Yurevich Pinchuk, (6) Oleg Bereza, (7) Andrei Nikolaevich Rodkin, (8) Aleksandr Karaman, (9) Georgiy L'vovich Muradov, (10) Mikhail Sergeyevich Sheremet, (11) Yuri Leonidovich Vorobiov, (12) Vladimir Volfovich Zhirinovsky, (13) Vladimir Abdualiyevich Vasilyev, (14) Viktor Petrovich Vodolatsky, (15) Leonid Ivanovich Kalashnikov, (16) Vladimir Stepanovich Nikitin, (17) Oleg Vladimirovich Lebedev, (18) Ivan Ivanovich Melnikov, (19) Igor Vladimirovich Lebedev, (20) Nikolai Vladimirovich Levichev, (21) Svetlana Sergeevna Zhurova, (22) Aleksey Vasilevich Naumets, (23) Sergey Viktorovich Chemezov, and (24) Alexander Mikhailovich Babakov.

We will continue to monitor the situation and report on any new developments. For further information on the EU’s sector-wide restrictive measures, please see our Client Update of 15 September 2014 and 31 July 2014.

Client Update (15 September 2014)

Statement by EU Council President (11 September 2014)

Background on the Additional Sanctions to Enter into Force on 12 September 2014 (11 September 2014)

Council Regulation (EU) No 959/2014 of 8 September 2014 amending Regulation (EU) No 269/2014

Council Regulation (EU) No 960/2014 of 8 September 2014 amending Regulation (EU) No 833/2014

Council Implementing Regulation (EU) No 961/2014 of 8 September 2014 implementing Regulation (EU) No 269/2014

EU Council Press Release (8 September 2014)

Outline of proposals for a second round of restrictive measures on Russia – Leaked Commission Paper from FT (Registration required)

Special Meeting of the European Council (30 August 2014) – Conclusions