After the annexation of Crimea, various sanctions were introduced by the EU and US. For the European Union, these are evaluated every six months. The package of punitive measures has never been phased out over the years and is now being expanded to include a number of individuals and companies.
The European sanctions mainly target the financial sector, defense and energy companies. For example, a number of Russian banks and companies do not have access to the European capital market. Another example is that technology to extract oil deep under water may not be supplied. That should limit the Russian energy sector.
The US works with lists of individuals and organizations that are prohibited from doing business. “The scope of the US sanctions is enormous,” says Ketting. “As a result, you see companies saying it’s not worth the risk anymore.”
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