The EU has approved a decision to extend economic sanctions on Russia

The European Union has approved a six-month extension to the sanctions imposed due to the destabilization of the situation in Ukraine on specific sectors of the economy of the Russian Federation. This decision,  reported by the EU Council extends the sanctions to January 31, 2020.

“This decision follows the latest assessment of the implementation of the Minsk agreements, which was to be implemented by December 31, 2015, announced at a video conference of European Council leaders, which took place on June 19, 2020. Given that the full implementation of the Minsk agreements has not yet been reached, EU leaders have made a political decision to extend economic sanctions against Russia,” the statement said.

The EU recalled that these restrictive measures were first introduced in 2014, taking into account Russia’s destabilizing actions against Ukraine, and aimed at the financial, energy and defense sectors, as well as the dual-use sector.

In particular, sanctions restrict access to EU primary and secondary capital markets for some Russian banks and companies and prohibit forms of financial assistance and intermediation for Russian financial institutions. In addition, they prohibit the direct or indirect import, export or transfer of military equipment and impose a ban on dual-use goods that can be used for military purposes or by military end-users in Russia.

The sanctions further limit Russia’s access to some sensitive technologies that could be used in Russia’s energy sector, such as oil production and exploration.

Natalia Tolub