Two years ago Russia detached Crimea from Ukraine. Since then the Western allies have imposed economic sanctions, but to little effect. No one believes Crimea, Russian until six decades ago, is going back to Ukraine.
Yet the European Union recently called on other countries to join its ineffective boycott. Declared the European Council, one of the EU's multiple governing bodies: "The European Union remains committed to fully implementing its non-recognition policy, including through restrictive measures," and "calls again on U.N. member states to consider similar non-recognition measures."
The EU bars residents from financing or buying firms located in Crimea. The Europeans (and U.S.) also apply other, less severe restrictions on commerce with the rest of Russia.