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On 15 August 2014, the Ministry of Foreign Affairs (MFA) announced that the Government adopted new restrictive measures against Russia, in line with the decision announced on 11 August, because of the situation in Ukraine. The new regulations, Regulations concerning restrictive measures regarding actions that undermine or threaten Ukraine’s territorial integrity, sovereignty, independence and stability (FOR 2014-08-15-1076), which are in line with those of the EU, were adopted by the King in Council, and entered into force immediately.
The Government said it will maintain a close dialogue with the business community to assess the consequences of the measures for the various sectors affected. The MFA 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 MFA is responsible for processing applications for export licences.
The MFA said that the measures implemented by the regulations leave room for discretion. In applying the regulations, the MFA 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.
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