The European Union has banned its banks to issue their analytic materials regarding the shares of sanctioned Russian companies. That was stated at the Guidance Note of the European Commission towards the Council Regulation (EU) No 833/2014, concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine from 31 July 2014.
“The aim of this note is to provide guidance on the application of certain provisions in Regulation (EU) No 833/2014, as amended, for the purpose of uniform implementation by national authorities and parties concerned,” said in the Comission Guidance Note.
Such guidance gives wider explanation on Regulation’s provisions regarding special banking activities with Russian sanctioned companies.
For example, Article 5 of the Regulation states that it is prohibited to directly or indirectly provide investment services in relation to transferable securities. But among other things, the definition of 12 investment services, as amended, includes "investment advice". And despite the fact that the provision of research is “formally different from the provision of advice, it constitutes by its nature a form of indirect advice”. Therefore, such service is prohibited for the EU banks.
As explained in the note, "the analysis contained in the research document indeed helps a potential investor in taking his/her decisions. This may concern, for example, the decision as to whether to 'hold', 'buy', or 'sell' a particular security. In sum, the provision of financial research should be seen as a form of investment service and is thus prohibited under the Regulation". As it is said in the latter, the restrictive measures are aimed at limiting access to EU capital markets for Russian State-owned financial institutions, an embargo on trade in arms, an export ban for dual use goods for military end use and end users, and restrictions on access to certain sensitive technologies particularly in the oil sector.
Earlier, on the website of the European External Action Service appeared infographics, which clearly shows for what sanctions against Russia were introduced by the EU and what do they concern.