Questions on the implementation of the EU sanction regime against Russia

Marietje

On 28 February, Marietje Schaake submitted the following written questions, co-signed by 31 colleagues, to the Commission and High Representative Federica Mogherini on the implementation of the EU sanction regime against Russia:

In November 2017, Russian company EN+ registered on the London Stock Exchange (LSE) (1).  

EN+ does not explicitly fall under the EU sanctions regime imposed following Russia’s illegal annexation of Crimea.  

EN+ is owned by Oleg Deripaska, close business partner of Putin and director of Basic Element, one of the largest industrial groups in Russia. Basic Element has a 47% stake in Rusal, one of the largest aluminum-producing companies in the world.  

EN+ has indicated that a portion of the money it raises on the LSE will be used to repay its debt to VTB. VTB is a Russian state-owned bank subject to EU sanctions.  

1. Is the VP/HR aware of EN+ entering a European stock exchange last year, becoming the first Russian company to do so since the imposing of EU sanctions?

2. How does the VP/HR assess EN+’s specific situation relates to the EU sanctions that limit access to EU primary and secondary capital markets for certain Russian banks and companies, imposes a ban on trade in arms and curtails Russian access to certain sensitive technologies and services that can be used for oil production and exploration?

3. Can the VP/HR clarify whether EU sanctions can in some cases also apply indirectly and can she assess whether this could be the case for EN+?  

(1)  https://uk.reuters.com/article/us-en-ipo-pricing/russias-en-prices-ipo-at-14-per-gdr-valued-at-8-billion-idUKKBN1D30N0