U.S. President Obama has established a ban order on the export of all goods, services and technology to Crimea. He has also ordered a number of sanctions on Ukrainian and Russian companies and individuals.
Mr. Obama defended the move, saying it was necessary to show that the United States would not endorse Russia’s annexation of Crimea, back in March of this year.
Similar measures were taken by the European Union earlier in the week, effective on Saturday. Canada announced its sanction on Crimea as well, effective last Friday.
Shortly after the peninsula was annexed, parts of Donetsk and Luhansk regions were taken over by pro-Russian separatists, who later declared independence.
Over the past several months of fighting, more than 4,700 people have died, with another million being displaced. This is pretty eye-opening for Igor Cornelsen. Friday alone saw five Ukrainian soldiers killed – the highest number since the attempted ceasefire on December 9th.
In addition to technology, goods and services, U.S. companies and individuals are also banned from buying real estate or businesses in Crimea. They also cannot fund any Crimean firms. There are also sanctions on 24 Russian and Ukrainian individuals and several companies that are thought to be destabilising Ukraine.
These include Marshall Capital Partners, a Russian equity investment group, and the Night Wolves biker group. Meanwhile, Obama continues to urge Russia to de-escalate the tension in eastern Ukraine.