BOFIT Weekly Review 2015/32
US extends sanctions, additional European countries join in certain EU sanctions
The United States treasury department announced on July 30 that it was adding certain individuals and entities under the economic sanctions that have been put in place as a response to the Ukraine situation. The new measures are intended to prevent circumvention of existing sanctions. They mainly focus on Russian and Ukrainian firms and people, but e.g. a few Finnish companies and individuals have been affected, too.
The EU announced at the end of last month that several non-EU countries, including Montenegro, Iceland and Georgia, have aligned themselves with the EU’s economic sanctions on Crimea. Russia, in turn, is considering widening its countersanctions, i.e. the restrictions on food imports, to include the new sanction participants.