Norway – Ukraine sanctions revised

The Decree amends Regulation № 1076 of 15 august 2014 on restrictive measures concerning actions that undermine or threaten Ukraine’s territorial integrity, sovereignty, independence and stability.

In Regulation of 15 August 2014 No. 1076 on restrictive measures concerning actions that undermine or threaten Ukraine’s territorial integrity, sovereignty, independence and stability certain sections/subsections were revised and new sections/subsections were added freezing  money and assets belonging to, owned or controlled by natural or legal persons listed in Annex I. The restricted measures were also extended to natural or legal persons who carry out transactions with the separatist group in the Donbass region of Ukraine.

Exemption from liability has been given to persons who freeze or withhold assets believing them to be covered by the Regulation, unless the act resulted from negligence.

The law prohibits providing financial loans or credits that are specifically linked to the exploitation of oil, gas and mineral resources in the Crimea or Sevastopol, acquiring or extending a participation, including the complete acquisition or acquisition of shares and securities in the nature of capital interest in enterprises established in the Crimea or Sevastopol concerned with the exploitation of oil, gas and mineral resources in the Crimea or Sevastopol, or creating joint ventures relating to the exploitation of oil, gas and mineral resources in the Crimea or Sevastopol.

A new subsection bans the export of multi-purpose (dual-use) products and multi-purpose technology to persons listed in Annex VI. However, the prohibitions in these subsections shall not affect the fulfillment of contracts or agreements concluded before 11 October 2014 nor will they apply to the sale, supply, transfer or export of multi-purpose products and multi-purpose technology designed for the aerospace industry or the provision of associated technical and financial assistance to non-military use and for non-military end-users.

A new section prohibits providing services, directly or indirectly, that are necessary for the purpose of oil exploration and production in deep water, Arctic oil exploration and production or shale oil projects in Russia:  drilling, well testing, logging and completion and delivery of specialized floating structures.

The prohibition in the above subsection does not apply if those services are required promptly to prevent or mitigate an incident that could have serious and significant consequences for human health and safety or the environment.

The decree revises the prohibition on directly or indirectly to provide financing or financial assistance related to the goods and technology listed in the “List I – defense related goods’ in Annex I to the Regulations of 19 June 2013 No. 718 on the export of defense, multi-purpose products, technologies and services, including in particular grants, loans and export credit insurance or guaranty well as insurance and reinsurance, in connection with the sale, supply, transfer or export of such products or provision of associated professional assistance to individuals or legal entities in Russia or for use in Russia,

There is a prohibition from directly or indirectly buying, selling or providing certain investment services or assistance in the issuance of, or otherwise deal with, transferable securities and money market instruments with certain maturities as well as a prohibition on establishing or participating in schemes designed to provide new loans or credits with a maturity of over 30 days to legal persons referred to in the first or second paragraph after October 10, 2014, with certain exceptions.

In addition, Annex I has been amended to add 24 persons to the list.

A new Annex VI has been added to cover nine legal persons referred to in § 16a .

A new Annex VII includes a list of three legal persons referred to in § 19, second paragraph.

A new Annex VIII includes a list of legal persons referred to in § 19 subsection b.