Businesses will welcome EU clarification on Russian sanctions, says expert
06 Oct 2015, 11:08 am
A European Commission guidance note on how Russian sanctions should be implemented will be welcomed by EU businesses operating in the country, said sanctions expert Stacy Keen of Pinsent Masons, the law firm behind Out-Law.com.
In a list of 41 frequently asked questions (FAQ), the Commission covers areas including financial assistance, restrictions on dual use goods and technology, restrictions on the provision of certain services in the oil sector, trade finance, loans and emergency funding and capital markets.
"The FAQ addresses certain questions that have been brought to the attention of the Commission as requiring clarification. The guidance is likely to be welcomed by EU businesses operating in Russia, which have found certain of the sanctions difficult to interpret and apply in respect of their activities in the region," said Keen.
The sanctions were introduced in July 2014, and include measures to limit access to EU capital markets for Russian state-owned financial institutions, an embargo on arms trading, an export ban on 'dual use' goods for military use, and restrictions on the use of certain technologies, in particular by the oil sector, the Commission said.
If further questions arise, the Commission "may revise or extend the questions and answers", it said.
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