The Catholic Church has consistently taught that it does not. This is not to make light of schism, but Orthodox sacraments are valid.
One should not confuse Sacraments and Sacramentals, since it is "only materially that the sacramentals are to be likened to the sacraments; they depend formally on the jurisdictional power.", as Card. Journet writes and which can easily be deduced from Canons 1144ff in the old Code. But formal jurisdiction is lacking in the Eastern schismatic Churches. Still, as in other things concerning the schismatic Greeks, the tacit approval of the Pope will surely guarantee a certain effectiveness to sacramentals confected by Eastern schismatic clergy.
But as far as I know, the (non-Uniate?) Eastern Churches do not have the same tradition in regards to Holy Water as the Latin Church, anyway.