Image by Pawel Chu

Participation and financing of companies

 

Prohibition

 It shall be prohibited to:

(a) acquire any new or extend any existing participation in any legal person, entity or body incorporated or constituted under the law of Russia or any other third country and operating in the energy sector in Russia;

(b) grant or be part of any arrangement to grant any new loan or credit or otherwise provide financing, including equity capital, to any legal person, entity or body incorporated or constituted under the law of Russia or any other third country and operating in the energy sector in Russia, or for the documented purpose of financing such a legal person, entity or body;

(c) create any new joint venture with any legal person, entity or body incorporated or constituted under the law of Russia or any other third country and operating in the energy sector in Russia;

(d) provide investment services directly related to the activities referred to in points (a), (b) and (c).

Licence modalities, notification to Authorities

The Member State or Member States concerned shall inform the other Member States and the Commission of any authorisation granted under paragraph 2 within two weeks of the authorisation.

Exceptions

By way of derogation (...), the competent authorities may authorise, under such conditions as they deem appropriate, any activity referred to (...) after having determined that:
(a) it is necessary for ensuring critical energy supply within the Union, as well as the transport of natural gas and oil, including refined petroleum products, from or through Russia into the Union; or
(b) it exclusively concerns a legal person, entity or body operating in the energy sector in Russia owned by a legal person, entity or body which is incorporated or constituted under the law of a Member State.

Legal Source

EU Regulation (EU) 883/2014 of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Article 3a

The EU Regulation is directly applicable in all EU Member States.

The EU Regulation is based on EU Council Decision 2014/512/CFSP of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Article 4a