BRUSSELS, August 01. /ITAR-TASS/. The EU will hold the first assessment the effect of sanctions, slapped on Russia on Thursday, by October 31, an EU Council spokesman said Friday.

The report will also include measures imposed by third countries and their effect, he said.

Under the sanctions act, the measures may be abolished in three months after being imposed if the geopolitical situation changes.

On Thursday, the EU prohibited arms supplies to Russia, limited the shipments of oil development equipment and technologies and limited the access of the country’s largest banks to the EU long-term financing.

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.