CYSEC guidance on EU sanctions to Russian entities
On the 31st of July the council of the European Union brought out new regulations (EU) No 833/2014 concerning restrictive measures.
CYSEC (Cyprus Securities and Exchange Commission) has sent out an announcement regarding the Council Regulations. To see the CYSEC announcement please click here, alternately if you wish to read the full paper please follow this link.
Regardless to one’s personal opinion on what is happening on and around the border of east Ukraine and western Russia, the simple fact for the rest of the people is that more and more sanctions are being imposed and everyone is obliged to comply with them. Russia, its people, its establishments and definitely its businesses are all being affected. The question now is how much it will affect you.
With most of the EU just stepping out of the global recession restricting the very businesses that seem to be bringing in much of the investment is surely going to back fire in the long run. If you think that it is just the corporate area that will be affected, just take a look at the tourist sector. In the last week or so 4 tour operators have gone out of business, which is sure to take its toll on the already struggling Mediterranean countries that rely on tourism as a big part of their GDP and are just about fighting their way back from the brink of destruction.
Other than the US the only one seeming to gain from this is the Forex traders who are watching intently as the Russian Ruble continues to slowly loss value, but once again repercussions will be felt outside of Russia.