EU, Further economic sanctions on Russia

The EU took new sanctions targeting sectoral cooperation and exchanges with Russia.

They will enter into force on 12 September.

In view of the gravity of the situation on the ground in Eastern Ukraine,
the Council decided to reinforce the measures adopted on 31 July against Russia.

COREPER agreement

On 5 September, the Council's Committee of Permanent Representatives (COREPER) reached an agreement on a set of enhanced measures related to access to capital markets, defence, dual use goods, and sensitive technologies.

• Joint letter by the President of the European Council Herman Van Rompuy and the President of the European Commission, José Manuel Barroso, on restrictive measures against Russia

Adoption by written procedure

On 8 September, further restrictions were formally adopted by the Council through a written procedure.
Measures will apply upon their publication in the EU Official Journal on 12 September

Reinforced sanctions

These restrictive measures will:

• strengthen restrictions on access to EU capital for five major Russian state-owned banks, as well as three major Russian defence companies and three major energy companies by: 
  • prohibiting trade in new bonds, equity or similar financial instruments with a maturity exceeding 30 days, issued by them
  • prohibiting the granting of loans to the same banks and companies 
• reinforce an export ban for dual use goods and technology for military end users to also include a list of nine mixed defence companies
• curtail Russian access to certain services necessary for deep water oil exploration and production, arctic oil exploration or production and shale oil projects

Asset freeze and visa ban

24 persons have been added to the list. It now includes the new leadership in Donbass, the government of Crimea as well as certain Russian decision-makers and oligarchs. This brings the number of persons and entities under EU restrictions over the situation in Ukraine to 119 persons and 23 entities.

• Reinforced restrictive measures against Russia

Herman Van Rompuy also stated that COREPER will asses the implementation of the peace plan in Ukraine by the end of the month. Sanctions could be amended, suspended or repealed in whole or in part depending on the conclusions of this assessment.

• Statement by the President of the European Council Herman Van Rompuy on further EU restrictive measures against Russia

[Source] EU officila web site (Link)