European Union Sanctions in respect of Crimea and Sevastopol Council Regulation (EU) No692/2014 of 23 June 2014 concerning restrictions on the import into the Union of goods originating in Crimea or Sevastopol (“the Regulation”) 16 July 2014 No.14-006 Download PDF (331KB) In response to the annexation of Crimea and Sevastopol by Russia, the European Union has published Regulation 692/2014 of 23 June 2014, introducing trade sanctions in respect of goods originating in Crimea or Sevastopol and on the provision, directly or indirectly, of financing or financial assistance, as well as insurance and reinsurance, related to the import of such goods. Prohibitions 1)    Article 2 of Regulation 692/2014 provides that it is now prohibited: •    To import into the European Union goods originating in Crimea or Sevastopol. •    To provide, directly or indirectly, financing or financial assistance as well as insurance and reinsurance related to the import of goods originating in Crimea or Sevastopol. 2)    For the purpose of the Regulation “goods originating in Crimea or Sevastopol” are defined as goods which are wholly obtained in Crimea or in Sevastopol or which have undergone their last substantial transformation there in accordance with Articles 23 and 24 of Regulation EEC 2913/92 dated 12 October 1992.  Article 23 of Regulation 2913/92  provides that “goods originating in a country” shall be those wholly obtained or produced in that country and the expression “goods wholly obtained in a country” means: (a)    mineral products extracted within that country; (b)    vegetable products harvested therein; (c)    live animals born and raised therein; (d)    products derived from live animals raised therein; (e)    products of hunting or fishing carried on therein; (f)    products of sea-fishing and other products taken from