EU extends trade ban on Crimea

European cruise ships cannot call at ports in Crimea and products from Crimea cannot be imported into Europe

Reuters Brussels
Last Updated : Jun 20 2015 | 9:19 PM IST
EU governments extended for a year a ban on trade and investment with Crimea on Friday, meaning European help for Russian Black Sea oil and gas exploration and visits by European cruise ships will remain outlawed.

The measures were adopted following Russia's annexation of Ukraine's Crimea region in March last year and reinforce the EU's policy of not recognising the annexation.

"The EU continues to condemn the illegal annexation of Crimea and Sevastopol by the Russian Federation and remains committed to fully implement its non-recognition policy," an EU statement said.

Also Read

The measures, extended until June 23, 2016, include a ban on importing products made in Crimea into the EU.

Investment in Crimea is also banned, meaning Europeans and EU-based companies may not buy real estate or companies in Crimea, finance Crimean companies or supply related services.

European cruise ships cannot call at ports in the Crimean peninsula, except in an emergency, and it is forbidden to provide other tourism services in Crimea.

Products and technologies for prospecting, exploration and production of oil, gas and mineral resources may not be exported from the EU to Crimea. Exports to Crimea of certain products for use in the transport, telecommunications and energy sectors are also banned.

The EU has also imposed sanctions on the Russian finance, defence and energy sectors over what it says is Russia's support for separatists in eastern Ukraine fighting government forces.

EU foreign ministers meeting in Luxembourg on Monday are expected to agree to extend these economic sanctions until January 31 next year, giving the bloc time to assess how far the separatists and Moscow have complied with a ceasefire agreement.

The six-month extension was agreed by ambassadors from the 28 EU nations in Brussels on Wednesday and their decision is expected to be ratified by ministers without discussion on Monday, barring a change of heart by any government.

"I don't suspect any last-minute change," a senior EU official said on Friday.

There is not expected to be any discussion of Russia or of any further tightening of sanctions when EU leaders meet for a summit in Brussels towards the end of next week, officials said.

Kremlin spokesman Dmitry Peskov said on Wednesday Russia's reaction to the renewal of EU sanctions would be based on the "principle of reciprocity", suggesting it would extend counter-sanctions that include a ban on Western food imports.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 20 2015 | 9:10 PM IST

Next Story