The European Union recently adopted a series of regulations aimed at sanctioning the recognition by the Russian Federation of the areas of the Ukrainian oblasts of Donetsk and Luhansk not controlled by the government and the sending of military troops to the region.
These measures are directly and immediately applicable to all natural and legal persons operating on the territory of the European Union.
What are the measures?
The restrictive measures include an asset freeze and a ban on making funds available to persons and entities on a list drawn up for this purpose.
In addition, a travel ban prevents certain listed persons from entering into or transiting through the EU.
Who is affected?
In concrete terms, these regulations target a long list of natural or legal persons with significant political influence, such as banks, pro-Russian activists, all the members of the Duma who voted in favour of the pro-independence resolution, and the editor-in-chief of the media outlet “Russia Today”, who is described as a “central figure in government propaganda”.
In total, the restrictive measures concerning violations of the territorial integrity of Ukraine will apply to a total of 555 persons and 52 entities.
What are the other measures?
- A ban on imports of goods from non-government-controlled areas of Donetsk and Luhansk oblasts
- Restrictions on trade and investment in certain economic sectors
- A ban on the provision of tourist services
- An export ban on certain goods and technologies
- A sectoral ban on financing the Russian Federation, its government and its Central Bank
For more information:
LERINS & BCW is at your disposal to advise you if you are concerned by an operation or a transaction affected by this asset freeze.