The European Sanctions blog by Maya Lester, Brick Court Chambers & Michael O’Kane, Peters & Peters Solicitors LLP.
On 12 August 2014, Norway announced that it will join sanctions the EU has imposed on Russia over the situation in Ukraine.
Although Norway is not part of the EU, the Norwegian Foreign Minister Børge Brende said that the country will impose restrictions on Russia of a similar nature to those imposed by the EU on 1 August 2014. Russian state-owned banks will be banned from taking long-term and mid-term loans, arms exports will be banned and supplies of equipment, technology and assistance to the Russian oil sector will be prohibited.
Russia has already imposed sanctions of its own against Norway, which was one of the countries included in the food import ban implemented by Moscow last Thursday.