Sectoral anti-Russian sanctions come into force

According to EU sanctions against Russia coming into force today, access of Russian banks to European funds, imports of European oil equipment to Russia, mutual trade of weapons and sales of dual-use goods have been restricted. The efficiency of the sanctions will be evaluated on October 1. The EU has not developed a penalty system for violating the sanctions.

European banks are no longer allowed to cooperate with securities of Sberbank, VTB, Gazprombank, Rosselkhozbank and Vnesheconombank. Subsidiaries founded outside the EU will face the same sanctions if the banks own over 50% of their capital.

European manufacturers will be unable to ship 30 types of oil equipment to Russia, including pipes and drilling machines.

EU individuals and companies can no longer trade weapons or ammunition included in the EU common military list of March 17, 2014. The EU may buy technologies and dual-use goods in Russia. Consultations, education and exchange of knowledge in the military sector have been banned.

Yevgeny Narodshin, the chief economist of Sistema, told Vestnik Kavkaza that the sanctions were softer than the EU had been threatening. He believes that they will not break internal trends, despite their negative impact. The expert supposes that more sanctions may be passed in the future and will depend on the situation around Ukraine.

According to EU sanctions against Russia coming into force today, access of Russian banks to European funds, imports of European oil equipment to Russia, mutual trade of weapons and sales of dual-use goods were limited. The efficiency of the sanctions will be evaluated on October 1. The EU has not developed a penalty system for violating the sanctions.European banks are no longer allowed to cooperate with securities of Sberbank, VTB, Gazprombank, Rosselkhozbank and Vnesheconombank. Subsidiaries founded outside the EU will face the same sanctions if the banks own over 50% of their capital.European manufacturers will be unable to ship 30 types of oil equipment to Russia, including pipes, drilling machines.The EU individuals and companies can no longer trade weapons and ammunition included in the EU common military list of March 17, 2014. The EU may buy technologies and dual-use goods in Russia. Consultations, education and exchange of knowledge in the military sector have been banned.Yevgeny Narodshin, the chief economist of Sistema, told Vestnik Kavkaza that the sanctions were softer than the EU had been threatening. He believes that they will not break interior trends, despite their negative impact. The expert supposes that more sanctions may be passed in the future and will depend on the situation around Ukrai