EU Sanctions Rules Released

The rules for implementing new EU sanctions against Russia have been released (see also here and here).  On quick glance, they are, as advertised, an important step that will have systemic effects in financial, energy and defense markets. In this respect, they are "sectoral" or "level three" sanctions in the language of policymakers.  While narrow in scope-- the financial ban (Article V) is on new transferable securities of majority state-owned Russian banks with maturities greater than 90 days--one is left with the impression that Europe, like the United States, stands ready to extend the sanctions if there is evasion or further Russian efforts to destabilize Ukraine.