The European Union has imposed sectorial sanctions on five Russian banks, including the country’s biggest, Sberbank, as part of economic steps that Europe, along with the US, have taken against Moscow over the crisis in Ukraine.

EU adds 8 individuals, 3 Russian companies to sanctions list over Ukraine crisis

The list, published Thursday, includes Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB) and Russian Agriculture Bank (Rosselkhozbank).

These financial entities will be banned from raising capital on the EU’s capital markets.

The sanctions – targeting banks with state ownership of over 50 percent – enter into force on August 1 and will be valid for one year. The decision can be reviewed after three months.

“In order to restrict Russia’s access to EU capital markets, EU nationals and companies may no more buy or sell new bonds, equity or similar financial instruments with a maturity exceeding 90 days, issued by major state-owned Russian banks, development banks, their subsidiaries outside the EU and those acting on their behalf. Services related to the issuing of such financial instruments, e.g. brokering, are also prohibited,” the EU Council said in a statement… see more

source: rt