BUSINESS

European Union imposes ban on investment in Crimea, other economic sanctions.

12/18/2014 07:11 EST | Updated 02/17/2015 05:59 EST
BRUSSELS - The European Union has imposed a ban on investment in Crimea, and other economic sanctions including measures aimed at keeping tourists away.

The new measures on investment, services and trade, announced Thursday, beef up the EU's previous sanctions taken in response to Russia's annexation of the peninsula from Ukraine in March.

Europeans and EU-based companies cannot buy real estate or businesses in Crimea, finance Crimean companies or supply services as of Saturday.

In additional, EU operators will no longer be allowed to offer tourism services to Crimea's Black Sea beaches or other destinations. Cruise ships owned by an EU-based company or flying an EU member state's flag will also no longer be allowed to call at Sevastopol or other Crimean ports, except in an emergency.