EuropeanSep 12 2014

EU strengthens Russia sanctions

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The EU has issued new sanctions against Russia which come into force today (September 12).

In a statement, the EU said that restrictions on Russia’s access to EU capital markets have been “strengthened”, with EU nationals and companies no longer able to provide loans to five Russian state-owned banks.

The EU stated: “At the same time, trade in new bonds, equity or similar financial instruments with a maturity exceeding 30 days, issued by the same banks, has been prohibited.

“The same restrictions have been extended to three major Russian defence companies and three major energy companies.”

Under the latest set of measures against Russia, drilling, well testing or logging services required for deep water oil exploration and production, Arctic oil exploration or production and shale oil projects in the country will no longer be supplied.

The EU added: “At the same time, the ban on exporting dual use goods and technology for military use in Russia has been extended to also include a list of nine mixed defence companies that must not receive dual use goods from the EU.”