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EU to slap sanctions on Russian oil and defense industries and 5 banks

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EU to slap sanctions on Russian oil and defense industries and 5 banks

The new sanctions enter into force on September 12.

The European Union has confirmed that the new sanctions include further limiting of access to European capital for Russian state banks, the embargo on distribution of technologies for the Russian oil industry and extended black list of individuals whose assets in Europe are to be blocked, RBK informs.

This statement has been made by the European Council.

From now on European citizens and companies are not allowed to extend long-term loans to Sberbank, VTB, Gazprom, Rosselkhozbank and Vneshekonombank. Besides, Europeans cannot buy and sell shares or bonds securities of these banks (with maturity of bonds more than 30 days, while earlier sanctions covered the bonds with the maturity of bonds of more than 90 days). An analogous ban on placing debt financial instruments concerns three defense enterprises and three oil companies, not disclosed by the EU. Earlier Reuters, FT and Wall Street Journal reported they are Oboronprom, the United Aircraft Corporation of Russia and Uralvagonzavod, as well as Rosneft, Gazpromneft and Transneft.

European companies would not be able to provide services necessary for Arctic deep sea and shale oil projects of Russia, in particular, services for well drilling and testing. Earlier only some goods (pipes, drilling units) for certain oil projects were subject to embargo.

The EU has also banned exports of dual-use equipment for 9 Russian companies, active both in civil and military sectors (the names of the companies are to be published tomorrow).

And finally, 24 persons are added to the black list of persons who are banned from entering the EU countries and whose assets in the EU are to be frozen. They are 24 persons involved in actions against territorial integrity of Ukraine, including the new leadership of Donbas, members of the government of Crimea, as well as Russian decision-makers and oligarchs.

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