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US, EU Sanctions Imposed on Russia, Unveiled July 29, 2014

New US, EU sanctions on Russia

  • Until July 29, 2014, sanctions solely targeted individuals and organizations accused of directly threatening Ukraine and its interests
  • New sanctions prohibit Russian state-owned banks from raising funds in Western capital markets
  • About 30% of Russia’s banking sector will be impacted
  • Energy-related technology used for Russia’s oil exploration and development is blocked
  • Affected areas include technology relating to deep-water or Arctic drilling and exploration projects
  • EU officials say the ban extends to about 10% of overall energy exports to Russia
  • Restrictions on Russian arms exports
  • A ban on trade of dual-use sensitive defense technologies with Russia

Sources: Reuters and multiple news reports