The EU’s decision to extend for 6 months the sanctions against Russia entered into force

The EU’s decision to extend for 6 months the sanctions against Russia entered into force

The European Union extended economic sanctions against Russia from 31 January to 31 July, no change in the sanctions package have not been made, according to the Official journal of the EU.

BRUSSELS, 22 Dec –. The decision to extend the EU economic sanctions against Russia from 31 January to 31 July 2016 entered into force – the regulation of the Council of the EU published in the EU Official journal.

As evidenced by the document, no changes to the sanctions package have not been made.

The final decision to extend another six months of sectoral sanctions against Russia was adopted by the EU Council on Monday by written procedure. The action of the so-called restrictive measures expired on 31 January 2016, however, according to the statement of the EU Council, they were prolonged in connection with default of conditions of the Minsk agreements on the settlement of the conflict in Ukraine until 31 December 2015. While the European Union pledged to monitor the implementation of agreements.

Relations between Russia and the West deteriorated in connection with the situation in Ukraine. The EU and the USA from the point of sanctions against certain individuals and companies have moved to measures against entire sectors of the Russian economy. In response, Russia has restricted food imports from countries that have imposed sanctions against her: USA, EU, Canada, Australia and Norway.

The EU economic sanctions against Russia were introduced on 1 August 2014 for a year, in September 2014 they were enlarged. An embargo on new contracts on the import and export from the EU to the Russian Federation weapons and goods and technologies of dual purpose.

Under the sanctions were Russian banks and oil industry of the Russian Federation. European investors are prohibited from issuing fresh loans of the five largest financial institutions — Sberbank, VTB, Gazprombank, Rosselkhozbank and Vnesheconombank — for more than 30 days, and also to buy the stock and bonds of the new releases with a maturity of more than 30 days.

In the framework of sanctions have restricted access to EU capital markets for a number of Russian companies, including Rosneft, Transneft and “Gazprom oil”. In addition, prohibited the supply of equipment and services for deepwater exploration and production of oil, work in the Arctic and in the shale oil in Russia. The EU has also adopted sanctions against the defense sector of the Russian Federation and banned European companies to supply products of dual purpose of nine Russian companies.

In June 2015, has also approved the decision to extend economic sanctions of the EU against the Crimea and Sevastopol until June 23, 2016. The sanctions include a ban on imports of products made in Crimea or Sevastopol into the European Union; investment in Crimea or Sevastopol, which means that European or based in the EU companies can not buy property or organization in the Crimea, Finance Crimean company or to provide related services.

In addition, in September 2015, the EU extended until March 15, 2016 individual sanctions, aimed at “countering the threats to the territorial integrity and independence of Ukraine”. It comes to the assets freeze and the travel ban in the EU in respect of 149 individuals and 37 legal entities, including Russian businessmen and officials, and representatives of the militia and leadership of the self-proclaimed Donetsk and Lugansk national republics.

Of the chronology of the introduction of sanctions against individuals and organizations of Russia and retaliatory measures of the Russian Federation in 2014-2015, read the help >>