EU prolongs sanctions against russia by six months

The Council of the EU decided to extend the sanctions against russia for actions aimed at destabilizing Ukraine for six months.

It is reported on the website of the European Council.

"The Council today decided to prolong by six months, until 31 January 2023, the restrictive measures targeting specific sectors of the economy of the russian federation," the press release states.

The message stated that these sanctions, first introduced in 2014 in response to russia's actions destabilizing the situation in Ukraine, were significantly expanded since February 2022, in light of russia's unprovoked and unjustified military aggression against Ukraine. They currently consist of a broad spectrum of sectoral measures, including restrictions on finance, energy, technology, and dual-use goods, industry, transport and luxury goods.

Reference

For the first time, sectoral economic sanctions against russia were introduced by the European Union on July 31, 2014, in response to russian actions aimed at destabilizing the situation in Ukraine.

They were reinforced in September 2014 and in March 2015.

These measures include limiting the access of russian banks and companies to EU capital markets and prohibiting financial assistance to russian financial institutions. The sanctions also prohibit the direct and indirect import, export, or transfer of all defense materials and ban the supply of dual-use goods to russia that can be used for military purposes.

Sanctions also limit russia's access to certain sensitive technologies that can be used in the energy sector, particularly in oil exploration and production.

In addition to economic sanctions, the EU applies other restrictive measures against russia in response to the attempted annexation of Crimea and Sevastopol and the deliberate destabilization of Ukraine. They include diplomatic efforts, individual sanctions, travel bans, account freezes, and targeted economic measures applied against financial entities in Crimea and Sevastopol.

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