BRUSSELS, July 31 (Xinhua) -- The Council of the European Union (EU) adopted the agreement to take additional restrictive measures on Russia in view of its actions "destabilizing the situation in eastern Ukraine", according to the statement released by the Council on Thursday.
The decision gave legal value to the agreement reached at the EU's Committee of Permanent Representatives on July 29, announced by the European Council President Herman Van Rompuy and the Commission President Jose Manuel Barroso later that day.
The EU restricts Russia's access to EU capital markets by restricting EU nationals and companies from buying or selling new bonds, equity or similar financial instruments with a maturity exceeding 90 days, issued by major state-owned Russian banks, development banks, their subsidiaries outside the EU and those acting on their behalf.
Services related to the issuing of such financial instruments would also be prohibited.
In addition, an embargo on the import and export of arms and related material from/to Russia was imposed, which covers all the items on the EU common military list.
Besides, exports of certain energy-related equipment and technology to Russia would be subject to prior authorization by competent authorities of member states.
Export licenses would be denied if products were destined for deep water oil exploration and production, arctic oil exploration or production and shale oil projects in Russia.
The measures would enter into force on August 1, and would apply to new contracts, said the statement.