Photo by Ehimetalor Akhere Unuabona on Unsplash
EU Member States have decided to prolong by six months, until 31 July the restrictive measures targeting specific sectors of the economy of the Russian Federation.
The move was announced in a statement today Friday 27 January.
The sanctions, first introduced in 2014 in response to Russia’s actions destabilising the situation in Ukraine, were significantly expanded since February 2022, in light of what the EU calls Russia’s “unprovoked and unjustified military aggression” against Ukraine.
They currently consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport and luxury goods.
They also cover: a ban on the import or transfer of seaborne crude oil and certain petroleum products from Russia to the EU, a de-SWIFTing of several Russian banks, and the suspension of the broadcasting activities and licenses of several Kremlin-backed disinformation outlets.
In addition to the economic sanctions on the Russian Federation, the EU has in place different types of measures in response to Russia’s destabilising actions against Ukraine.
These include: restrictions on economic relations with the “illegally” annexed Crimea and the city of Sevastopol as well as the non-government controlled areas of the Donetsk and Luhansk oblasts; individual restrictive measures (asset freezes and travel restrictions) on a broad range of individuals and entities, and diplomatic measures.
Since 24 February, the EU has adopted a number of unprecedented and hard-hitting packages of sanctions in response to Russia’s full-scale invasion of Ukraine.
On Friday, a Council spokesman said, “In the face of Russia’s war of aggression, the EU stands resolutely with Ukraine and its people, and is unwavering in its support of Ukraine’s independence, sovereignty and territorial integrity within its internationally recognised borders.”
