Monday 26 September 2016
facebook.com/Outlookindia twitter.com/outlookindia digimag.outlookindia.com instagram.com/outlookindia youtube.com/user/OutlookMagazine

EU Sanctions on Russia Come Into Effect

K Mammen Mathew/Berlin

The European Union's far­reaching economic sanctions on Russia and its ban on the exports of military goods and high technology for the energy sector came into force today after the endorsement by the European Council.

The council's adoption of the sanctions yesterday and subsequent publishing of the measures in the EU official journal will give a legal basis for the agreement reached by the EU ambassadors in Brussels on Tuesday.

The sanctions are put in place to punish Russia for its annexation of Ukraine's Crimean peninsula in March and its continued support for the pro-Russian separatists in eastern Ukraine.

The EU had agreed to restrict Russian banks' access to the European capital markets, clamped down an embargo on the future exports of military goods to Russia and banned the exports of dual use goods which have military and civilian use.

The union also curbed the exports of special technologies for the energy sector, especially for the oil industry.

The EU nationals and companies are now barred from buying or selling new bonds, equity or similar financial instruments exceeding 90 days, issued by the state-owned Russian banks, development banks, their subsidiaries outside the EU and by those acting on their behalf, the European Council said.

Services related to the issuing of such financial instruments also are prohibited.

The EU's arms embargo will curtail the exports and imports of arms and related materials to and from Russia and it will cover all items on the EU common military list, the council said in a press statement.

Exports of dual use goods and technology for military use in Russia or for military end-users will also be prohibited and they will include all items on the EU list of dual use goods.

Exports of certain energy-related equipment and technology to Russia will be subjected to prior authorisation by competent authorities of member-states, the statement said.

Meanwhile, the EU expanded the list of top Russian government officials and other individuals subjected to a travel ban and freezing of assets by adding to the list eight more persons, including three close associates of President Vladimir Putin.

The EU also announced that it will freeze the assets of three more Russian companies.

This will raise the total number of Russian and Ukrainian individuals subjected to sanctions to 95 and the number of entities to 23.

© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.
Yogeshwar, Babita Gold Cap Indian Wrestlers' Spectacular Show Himachal Tragedy: Ex-Gratia Given to Kin of Victims
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store

Post a Comment

You are not logged in, please Log in or Register
  • Daily Mail
THE LATEST ISSUE
CLICK IMAGE FOR CONTENTS
OUTLOOK ON TWITTER
POLLS

More than a decade after India first started the procurement process, it has finally inked an €8bn agreement to buy 36 Rafale fighter jets from France’s Dassault. The original deal was to buy 126 Rafales to replace the accident-prone Russian MiG-21s. Ultimately, the government offered to buy only 36 ready-to-fly planes.

POLL STARTED ON: Sep 26, 2016
Quiz
Brazil’s Rio de Janeiro is hosting the 31st Olympic Games from August 5 to 21. This is the first Olympics being held in South America and is going on even as a majority Brazilians are unhappy with their rulers. Here’s a quiz on some random Olympic facts and related trivia.
QUIZ STARTED ON: Aug 11, 2016
Advertisement