EU bans investment in Crimea | Fin24
 
  • Rolling blackouts

    Power cuts could slash SA's GDP growth to just 0.3%, says market research firm Intellidex.

  • 'Really close to the edge'

    Eskom is being forced to operate without 40% of it nominal capacity, says energy analyst Chris Yelland.

  • Insurance Fraud

    Life insurers say the "buying and renting of dead bodies" to obtain fake certificates is popular.

Loading...

EU bans investment in Crimea

Dec 18 2014 16:30

Brussels - The European Union banned investment in Crimea on Thursday, halting European help for Russian Black Sea oil and gas exploration and outlawing European cruise ships from calling at Crimean ports.

The new measures, which EU governments have signed off on and will take effect on Saturday, reinforce the EU's policy of not recognising Moscow's annexation of Ukraine's Crimea region in March.

EU leaders, who meet in Brussels later on Thursday, will pledge to keep up pressure on Russia over its role in Ukraine despite Russia's currency crisis and ailing economy, diplomats said.

Exploration and production

The EU is outlawing investment in Crimea, preventing Europeans and EU-based companies from buying real estate or companies in Crimea or financing Crimean companies, the bloc said in a statement.

As reported on December 10, the new measure bars EU companies from exporting goods and technology used in the exploration and production of oil, gas and minerals in Crimea as well as for the transport, telecommunications and energy sectors.

European companies are also prohibited from offering technical assistance, brokering, construction or engineering services related to infrastructure in the same sectors.

Companies will no longer be allowed to offer tourism services in Crimea. European cruise ships may no longer call at ports in the Crimean peninsula, except in an emergency.

Barred new investment

The measure applies to all ships owned or controlled by a European or flying the flag of an EU member state, but existing cruise contracts may be still be honoured until March 20.

The 28-nation EU has previously banned the import of goods from Crimea and barred new investment in infrastructure projects in the transport, telecommunications and energy sectors and investing in oil and gas ventures.

The annexation of Crimea gave Russia rich oil and gas resources in the Black Sea, depriving Ukraine of energy resources. Russian state-owned energy company Gazprom has proposed to develop Crimea's oil and gas sector.

eu  |  belgium  |  economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
 

Company Snapshot

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...