New US sanctions against Russia come into force


November 29 , 2017 – Fort Russ News – 

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KtovKurse – translated by Inessa Sinchougova

The US Ministry of Finance has reported that the new package of sanctions against Russia have entered into force.

According to the document adopted by the Congress on September 29, new measures will affect the energy and financial sectors of Russia.

The black list includes 278 legal entities, including Sberbank, VTB, Rosselkhozbank, Gazprombank, VEB, Rosneft, Transneft, Novatek, Rosoboronexport, numerous subsidiaries of Gazprom (but not the holding company itself),  “Gazprom Neft” and defense enterprises.

The amendment to Directive 1 from November 28, 2017 provides that the term of lending by US citizens to Russian companies under US sanctions is reduced.

It is also forbidden to conduct banking operations, finance and make other transactions for the provision of new loans to Russian banks for a period of more than 14 days, rather than 30, as before.

The amendment to Directive 2 applies to energy companies and shortens the lending period for Russian energy companies from November 28 to a maximum of 90 to 60 days.

A ban is imposed on the supply of equipment and technologies and services to Russia that can be used for exploration or production of oil in the Arctic, as well as for shale exploration or for deep-sea mining.

In two months, from January 29, these restrictions will begin to operate not only for projects in Russia or in Russian territorial waters, but also for projects outside of Russia in which Russian companies, their subsidiaries or associated legal entities own a share of at least 33%.

“The new package of sanctions should maximize Russia’s costs and contain Moscow’s aggressive behavior”, the US State Department hopes.

They added that Washington continues to urge the Kremlin to fulfill its obligations under the Minsk agreements, withdraw troops from the Crimea and stop “harmful cyberactivity.” 

In August, US President Donald Trump allowed the introduction of a new package of economic sanctions against Russia, signing the decree.

It is stipulated that sanctions should not affect the cooperation of Washington and Moscow in terms of outer space programmes.  (Where some Senators seem to be!)

At the same time, the US financial authorities are obliged to work out, until February 2018, the possibility of further expansion of restrictions, in particular, on transactions with Russia’s public debt.

Officials are also instructed to prepare a report on Russian billionaires, including a description of their assets, activities and ties with the Kremlin. 

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