EU introduces Crimea-related sanctions against six Russian companies

31 July

EU introduces Crimea-related sanctions against six Russian companies

The European Union extended the sanction list related to reunification of Crimea with Russia and construction of the bridge across the Kerch Strait. Six more Russian companies are hit by sanctions, according to the Official Journal of the EU.

Sanctions are introduced against Institute Giprostroimost, Mostotrest, VAD, Stroigazmontazh, Stroigazmontazh-Most and Zaliv Shipyard.

Restrictive measures come into force from July 31. They comprise assets freeze in the territory of the European Union. Furthermore, EU-registered individuals and entities cannot provide money to companies exposed to sanctions.

Sanctions against Russia

The European Union earlier imposed several sanction packages on Moscow, which include economic sanctions, individual restrictions and Crimea-related sanctions.

Sectoral sanctions, initially levied on July 31, 2014, concern financial, energy and defense industries, as well as dual-use goods. Economic sanctions particularly restrict access to the EU’s primary and secondary capital markets for five Russian financial institutions and their subsidiaries founded outside the European Union, in which the state holds a majority stake, as well as for Russia’s three biggest energy companies and three defense companies.


Sanctions also impose an embargo on weapons trade and ban exports of dual-use goods for military purposes to Russia, as well as restrict Russia’s access to certain strategic technologies and services that may be used for oil exploration and production.

There are also two sanction packages which concern the Ukrainian crisis. One of the packages includes restrictive measures against 150 Russian individuals and 38 entities. This particular package will expire on September 15, 2018, but it also can be extended for six months.

Another sanction package relates to Crimea. It includes a ban on importing Crimean goods, making investments in Crimea, including real estate purchases, financing businesses, providing services, particularly in the tourism industry. European vessels are banned from entering Crimean ports, while European aircraft are prohibited from landing at Crimea’s airports, except for emergency reasons. These measures are extended for 12 months.



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