African Press International (API)

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Restrictive measures against Russia

Posted by African Press International on August 19, 2014

The Government has today adopted new restrictive measures against Russia, in line with the decision announced on 11 August. The new regulations were adopted today by the King in Council, and enter into force immediately. 

The situation in Ukraine has deteriorated further during the past few weeks. The regulations adopted today bring Norway’s restrictive measures against Russia in line with those of the EU.

‘Russia has shown no willingness to help bring about a ceasefire and seek a solution to the conflict in eastern Ukraine. On the contrary, it has contributed to an escalation of the conflict by actively supporting the pro-Russian rebels. The situation in eastern Ukraine is getting worse every day. It is vital that the international community stands united in its response to Russia’s actions,’ said Minister of Foreign Affairs Børge Brende.

The Government will maintain a close dialogue with the business community to assess the consequences of the measures for the various sectors affected. The Ministry of Foreign Affairs has opened a service telephone line for Norwegian companies affected by the new restrictive measures.

The main points of the regulations are:

·         An extension of the list of individuals and entities that are subject to asset-freeze measures and travel restrictions to include a further 8 people and 12 entities, and an expansion of the criteria for inclusion on the list.

·         A ban on imports from Crimea and Sevastopol, and for the same area, a ban on the issuing of loans or other forms of credit for the development of infrastructure in the transport, telecommunications and energy sectors, a ban on the issuing of loans or other forms of credit for the exploitation of oil, gas or mineral resources, and a ban on the sale or export of key equipment or technology to these sectors.

·         A ban on the import and export of arms and defence-related products (List I) to and from Russia and the export of dual-use items and technology (List II) for military end-use in Russia.

·         A ban on the purchase or sale of new bonds, equity or similar financial instruments with a maturity exceeding 90 days issued by five listed Russian financial institutions.

·         Prior authorisation from the Ministry of Foreign Affairs will be required for the export of certain categories of goods to the Russian petroleum sector. The export of products to be used for deep-water oil exploration and production, Arctic oil exploration and production, or in shale oil projects in Russia is prohibited. Prior authorisation is also required for the provision of financing or other technical assistance related to these categories of goods. Authorisation can and will normally be given for the export of products if this is to honour obligations under contracts agreed prior to the entry into force of the new regulations.

The Ministry of Foreign Affairs is responsible for processing applications for export licences.

The measures implemented by the regulations leave room for discretion. In applying the regulations, the Ministry of Foreign Affairs will take into consideration other Norwegian legislation and relevant guidelines and experience relating to the sectors covered by the regulations. This applies in particular to the rules for the export of products etc. relating to the petroleum sector. Once the rules have entered into force, they will be further developed on the basis of their application in practice and any new guidelines.

End

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