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Norwegian sanctions against Russia take effect

August 15, 2014, 17:37 UTC+3 OSLO
EU sectoral sanctions earlier imposed on Russia ban EU export of dual-purpose products and technologies to Russia, except for technologies for space industry
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© ITAR-TASS/Vladimir Astapkovich

OSLO, August 15. /ITAR-TASS/. Sectoral sanctions against Russian economy which the EU states had negotiated and adopted on July 31 entered into force for Norwegian companies and financial institutions, the kingdom’s Foreign Ministry said in a statement transmitted to ITAR-TASS.

The decision was taken at the Friday meeting of the Norwegian Council of State which comprises members of the government and King Harald V of Norway. The Council of State has officially approved the decision which the country’s government had announced on August 11 that Norway joined EU sanctions against Russia.

“Newly negotiated measures take effect immediately,” the Foreign Ministry said.

EU sectoral sanctions earlier imposed on Russia ban EU export of dual-purpose products and technologies to Russia, except for technologies for space industry, particularly projects which are not linked with military developments. The EU has also introduced the rules of preliminary approval of deals which envisage supplies of equipment and technologies for the Russian oil sector.

Meanwhile, sanctions ban five Russian banks, including Sberbank, VTB, Gazprombank, Rosselkhozbank and state-run corporation VEB as well as their special purpose ventures from attracting monetary funds for more than three months on European financial markets from August 1, 2014. New emissions of any financial instruments with a period of circulation of more than 90 days, including placement of stocks and bonds, are forbidden.

Norway is not an EU state, but is a NATO member and has consistently joined all EU sanctions against Russia for the last few months.

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