The EU has imposed a real sanction on Russia which prohibits the importation to the EU or by any EU national or company of goods from the Crimea, including Sevastopol, or the financing or insurance of such imports.
This is a real sanction with a real target, and is to be applauded as a first step.
The next step should be to bar all EU nationals and companies from doing business with, or financing business with, companies or individuals in the Crimea, or any businesses or individuals doing business or handling financial transactions with such individuals or companies, unless certified by the government in Kiev as meriting an exception under specific rules to be established.
The new Regulation (COUNCIL REGULATION (EU) No 692/2014) was adopted on June 23, and entered into force on June 25, 2014. The text can be found here.
Finally, the EU has adopted a real sanction, with real and powerful logic and principle behind it.
It is not enough, but it is a good start. It should serve as a model for the adoption by the U.S. and the EU of increasingly broad and painful sanctions against Russia for its invasion and annexation of the Crimea, and its ongoing aggression in the eastern Ukraine.
These sanctions should continue in force until the status quo ante is reestablished in the Crimea, with its return by Russia to the Ukraine, and until the Russian subversion and invasion of the eastern Ukraine is similarly halted and undone.
Eventually, Russia will also have to pay war reparations to the Ukraine. Conceivably these could come in the form of long-term gas price concessions.
The Trenchant Observer