This announcement comes after a long dispute between the EU and Turkey regarding the latter’s activities which EU comments as “illegal”.
For the time being, the sanctions haven’t been imposed towards a person, but the EU Council will do in due course.
Accordingly, the Regulation (Article 2) states that sanctions will be imposed against persons:
The Regulation (Article 2) provides that sanctions will be imposed against persons
- being responsible for or involved in, including by planning, preparing, participating in, directing, or assisting, drilling activities in relation to hydrocarbon exploration and production, or hydrocarbon extraction resulting from such activities, which have not been authorised by the Republic of Cyprus, within its territorial sea or in its exclusive economic zone or on its continental shelf, including in cases where the exclusive economic zone or continental shelf has not been delimited in accordance with international law with a State having an opposite coast, activities which may jeopardise or hamper the reaching of a delimitation agreement;
- providing financial, technical or material support for drilling activities in relation to hydrocarbon exploration and production, or hydrocarbon extraction resulting from such activities, referred to in point (a);
- being associated with the natural or legal persons, entities or bodies referred to in points (a) and (b).
When the persons are listed, this will affect their business which trade with Turkey's offshore, drilling and energy sectors, as well as their banks, insurers and other related businesses.
The EU follows US’s imposed sanctions against Turkey, which took place in October, according to which US persons are not allowed, under the EO, to engage in any transactions with the above named Turkish Ministries or the three designated individuals.