On Friday, the European Union amended sanctions against the Russian banks, so that they can attract long-term financing (over 30 days) within the EU territory, according to the Official Journal of the European Union.
Long-term loans and credits are available if they “have a specific and documented objective to provide emergency funding to meet solvency and liquidity criteria for legal persons established in the Union, whose proprietary rights are owned for more than 50 percent by any entity referred to in Annex III [Russian banks — Ed.].” The amendment refers to such Russian lenders as Sberbank, VTB, Gazprombank, Vnesheconombank and Rosselkhozbank.
At the end of July 2014, the EU published “sectoral list” which included Sberbank, VTB, Gazprombank, Rosselkhozbank and Vnesheconombank. Initially, the lenders on the sanction list were deprived of placing the money market instruments with maturity over 90 days, new shares or any share derivatives in the EU. In September this restriction was limited to 30 days.
