EU Softens on Russia

EU eases sanctions against Russia

EU Russia
It was hardly predictable that the European Union would ease sanctions against Russia. The officials adopted an amendment so that some Russian banks can attract long-term financing for over 30 days – it came as the major blow to the Russian economy.
According to the changes, long-term loans are available for legal entities that are registered in the EU and owned for more than 50% by the Russian banks referred to in Annex III, amendment commentary states. This news is applied to Sberbank, VTB, Gazprombank, Vnesheconombank, and Rosselkhozbank.

Another sign of fence-mending and a softer stance of the EU was an agreement between Gazprom and Unicredit bank on €390 million credit. Besides, regarding oil exploration and production projects in Russia new clarifying formulations were given not changing the point of sanctions.

Authorizations for sale, supply, transfer and export of equipment and for providing services were given in order to reduce consequences of emergencies that may damage people and environment. “In duly justified cases of emergency, the sale, supply, transfer or export may proceed without prior authorization, provided that the exporter notifies the competent authority within five working days after the sale, supply, transfer or export has taken place, providing detail about the relevant justification for the sale, supply, transfer or export without prior authorization”, the Official Journal of The European Union reads.