EU Council approves extension of economic sanctions against Russia

By | June 29, 2020
EU Council approves extension of economic sanctions against Russia

Restrictive measures were extended until January 31, 2021, according to a communiqué issued by the EU Council in Brussels.

During a videoconference on June 19, the European Council agreed to extend for the next six months the economic package of sanctions against Russia based on an analysis of Germany and France on the implementation of the Minsk agreements. The implementation of the Minsk agreements in the EU is associated with the preservation of economic sanctions.

According to the EU procedure, the political decision on economic sanctions adopted by the EU summit, in turn, must be approved by the EU Council. The EU Council decision on the extension of restrictive measures comes into force after publication in the Official Journal of the European Union.

Economic sanctions include:

– restriction of access to the primary and secondary capital markets of the EU for five Russian financial institutions with a majority share of the state in the authorized capital and their subsidiaries in which these organizations have a majority share and which are established outside the EU, as well as for three large Russian energy companies and three defense companies;

– export and import ban on arms trade ;.

– The introduction of a ban on the export to Russia of dual-use goods for military purposes or for the Russian army ;.

– restriction of Russia’s access to certain strategically important technologies and services that can be used for oil development and production. The history of anti-Russian sanctions
Economic sanctions were initially introduced on July 31, 2014, for a period of one year in response to “Russia’s actions destabilizing the situation in Ukraine.” Then these measures were strengthened in September 2014.

At its meeting on March 19, 2015, the European Council decided to link the duration of the economic sanctions with the full implementation of the Minsk Agreements, which, as was provided for at that time, should have been implemented before December 31, 2015.

In addition to economic sanctions, Russia is subject to other EU restrictive measures as a reaction to the Ukrainian crisis: individual measures and measures in connection with the “illegal annexation of Crimea and Sevastopol.”

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