The EU is trying to tighten the screws on investment in Russia. It has now forbidden European banks from providing analysis of Russian firms under sanctions. This includes Sberbank, VTB and Rosneft, but excludes Gazprom and Aeroflot.
“While the provision of research is formally different from the provision of advice, it constitutes by its nature a form of indirect advice. The analysis contained in the research document indeed helps a potential investor in taking his/her decisions,” said a statement from the European Commission.
“This may concern, for example, the decision as to whether to 'hold', 'buy', or 'sell' a particular security. In sum, the provision of financial research should be seen as a form of investment service and is thus prohibited under the Regulation,” the statement added.
In July and September 2014 the European Union imposed restrictions on a number of Russian banks. In particular, the sanctions affected state-owned Sberbank, VTB, Vnesheconombank, Gazprombank and Rosselkhozbank (Russian Agriculture Bank). The banks were cut off from long-term (over 30 days) international financing.
The restrictions also affected oil companies, including Rosneft, Lukoil, Gazprom Neft (Gazprom’s oil subsidiary), and Transneft as well as the space and defense industry. In addition, the EU imposed restrictions against certain individuals.
However, the sanctions don’t cover Gazprom and European companies E.On, Shell, OMV and BASF/Wintershall participating in the Nord Stream-2 project, a gas pipeline from Russia to Germany to bypass Ukraine.
This June the EU extended Anti-Russian sanctions till 31 January 2016.
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