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EU imposes sectoral sanctions against Russia

July 31, 2014, 19:40 UTC+3 BRUSSELS

Five Russian banks fell under restrictions: Sberbank, VTB, Gazprombank, Vneshekonombank (WEB) and Rosselkhozbank

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© AP Photo/Ivan Sekretarev

BRUSSELS, July 31. /ITAR-TASS/. The European Union has imposed sanctions against Russia’s financial sector for 12 months, the Official Journal of the European Union said.

Five Russian banks fell under restrictions: Sberbank, VTB, Gazprombank, Vneshekonombank (VEB) and Rosselkhozbank.

The EU may revise it list of economic penalties after 3 months.

The European Union has also imposed restrictions on the access of Russian state-owned banks to the loan market; defense exports and deliveries of dual purpose hardware as well as oil extraction equipment.

However, the European Union has decided to exclude the “sisters” of Russian state-owned banks registered in the EU territory from sanctions. Restrictions on attraction of loans for more than 90 days will apply to the Russian parent companies and their “sisters” outside the EU, the Official Journal of the European Union said on Friday.

Other sectoral sanctions

A new round of sanctions announced by the European Union this week does not impose an automatic ban on the export of equipment for the Russian oil industry but restricts the supply of technology for hydrocarbon prospecting and exploration, the Official Journal of the European Union said on Thursday.

The sanctions will affect oil and gas prospecting in offshore regions, in the Arctic and in shale deposits.

At the same time, the supply of equipment and technology for the Russian oil sector will continue but after preliminary approval by the relevant government authorities of the countries where the exporters are registered.

Subject to such preliminary approval will be equipment for offshore projects, deep-water drilling and exploration in the Arctic, as well as oil shale projects in Russia - all in all, 30 types of products for the oil industry, including line pipes used in oil and gas pipelines, pump and compressor piping, parts for boring machinery, pumps for liquids, engines, fuel, lubricating or cooling medium pumps for internal combustion piston engine and concrete pumps.

Meanwhile, EU has limited its sanctions against Russia in aerospace to defense aspects, suggests an official report published by Official Journal of the European Union.

It says that the sales, supplies, transfer, and exports of dual technologies usable for the purposes of defense or in the interests of the military customers shall be banned but the ban does not impact the exports of dual technologies for civilian uses, including aircraft manufacturing and space industry.


Arms embargo

The arms embargo and the ban on exports to Russia of dual technologies does not cover the agreements signed before August 1, 2014, says a statement that the EU has published in its official journal.

It says that the EU bans the sale and supplies to Russia, as well as the transfers and exports of weaponry and the equipment of all types related to it, including munition and hardware, army transport vehicles, equipment and of all types, munitions, spare parts, and quasi-military accessories, the EU report said.

The transfers, handovers and deliveries to Russia cannot be effectuated directly or indirectly by the ships sailing under the flags of EU nations or airliners registered in the member-nations.

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