EU imposes sanctions against Russia's PIK developer

MOSCOW. Dec 16 (Interfax) - The European Union imposed sanctions against PJSC PIK-Specialized Developer on Monday, the EU published in its official journal.

"The latest sanctions, like the U.S. sanctions imposed a year ago, will not have any impact on the company's operations," the company said. "As a systemically important enterprise, PIK has long concentrated its entire business, including its own production facilities, in Russia. Projects will continue, and apartments will be handed over to buyers, as before, according to plan and on time. The technological platforms and solutions used by PIK are our own, and this will enable us, as before, to be resilient to external factors," it said.

The United States imposed sanctions against PIK and its shareholder, Sergei Gordeyev, in the spring. Gordeyev owned 26.66% of the developer's shares at the end of June.

PIK is Russia's largest residential real estate developer.