Currency converter
^
News Feed
News Search Topics
ОК
Use filter
You can filter your feed,
by choosing only interesting
sections.
Loading

New EU sanctions may affect Russia’s finance, oil and gas sector — FT

July 24, 2014, 16:33 UTC+3 LONDON
The European Commission may also impose an arms embargo to limit Russian weapons exports to Europe estimated at €3.2 billion a year and restrict trade in dual-purpose goods
1 pages in this article
© EPA/GEORG HOCHMUTH

LONDON, July 24. /ITAR-TASS/. European Union diplomats will weigh extensive sanctions against Russia on Thursday that may include a ban for Europeans to purchase Russian state-owned banks’ stock and debt, The Financial Times reported on Thursday.

The EU’s possible sector-wise sanctions against Russia over its stance on Ukraine are listed in a 10-page document prepared by the European Commission, the paper said.

The document also proposes prohibiting Russian banks from floating new share issues on European stock exchanges to raise foreign capital.

“The measure would consist in prohibiting any EU persons from investing in debt, equity and similar financial instruments with a maturity higher than 90 days issued by state-owned Russian financial institutions anywhere in the world,” the document said.

The proposal does not extend, however, to the Russian banks’ existing securities and Russia’s sovereign bonds. But even these measures may be quite sensitive for Russian financial institutions, The Financial Times said.

Specifically, the European Commission’s document says that Russian banks with over 50% state ownership placed bonds worth €7.5 billion on European markets last year while the total amount of bonds floated by Russian banks in Europe in 2013 is estimated at €15.8 billion.

Aside from restrictions on Russia’s financial sector, the EC document mentions a ban on EU exports of sensitive technologies to Russia to target three areas: deep-sea drilling, Arctic exploration and shale oil extraction.

The European Commission may also impose an arms embargo to limit Russian weapons exports to Europe estimated at €3.2 billion a year and restrict trade in dual-purpose goods.

However, the measure will have to be agreed unanimously by all 28 EU member states while some European countries have spoken against imposing sanctions on Russia, The Financial Times said.

Show more
In other media
Реклама
Реклама