EU strengthened economic sanctions against the Crimea
Since July 31 the European Union imposed the ban on new investments related to a number of industries in the Crimea by European companies, including infrastructure and transport. The regulation on imposition of the reporting sanctions was published in the Official Journal of the European Union on July 30.
According to the regulation, the EU prohibits not only direct and indirect investments to the reporting spheres, but also the provision of insurance services for any projects in the industries.
Also, it is specified that it is banned to sell or buy goods and technologies or provide financial and technical services, including where they are located in third countries for their transfer to another third country. In addition, it is forbidden to provide any kind of technical support related to repairs, development, manufacture, assembly, testing, maintenance, or any other technical service. European banks shall not apply to the granting of a financial loan or credit to the new projects in the sectors of the peninsula.
At the same time, the imposed sanctions to be applied to future projects only.
The prohibitions on the financial and technical services shall not apply to the execution until October 28, 2014, of transactions required by a trade contract concluded before July 30, 2014.
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