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Russia Sanctions Update

    • Competition, EU and Trade - Export controls and sanctions


    On 25 July 2014, the Council of the European Union concluded on the new designation criteria for sanctions on natural and legal persons concerning the situation in Ukraine. This puts in place wider sanctions designed to target, through asset freezing and travel bans, an increasing list of people and companies, including those close to President Putin. The new package of measures, which amend Regulation 269/2014 and decision 2014/145/CFSP, were entered into the Official Journal on 25 July and can be found here.

    The Council of Permanent Representatives discussed further measures including targeting sectors such as the energy sector, based on a list of possible measures which was drawn up by the European Commission and the European External Action Service. There was “broad agreement” by Member States (with whom the final decision rests) on the Commission’s approach and the Council is due to go through the legislative proposals on Tuesday 29 July.

    A further update will follow.