"Import of goods from Crimea and Sevastopol into Montenegro is forbidden. Direct and indirect financing and financial participation, insurance linked to export of goods from Crimea and Sevastopol are forbidden," the Pobjeda media outlet quoted the decree as saying on Saturday.
Montenegrin citizens now may no longer purchase real estate on the peninsula, as well as import goods.
Crimea seceded from Ukraine to rejoin Russia in March 2014 following a referendum in which 96 percent of residents voted in favour of reunification with Russia. The West has refused to recognize the results of the referendum and imposed an economic embargo against Crimea in 2014, which included a ban on investment in its economy and restrictive measures targeting Crimean individuals and companies.
The measures were extended in June.
