December 17, the EU Council extended restrictive measures against certain sectors of the Russian economy until July 31, 2021. The sanctions were imposed in 2014 in response to Russia’s actions destabilizing the situation in Ukraine, the EU Delegation to Ukraine said.
“The EU Council made this decision, taking into account the updated assessment of the status of implementation of the Minsk agreements (which was originally supposed to take place before December 31, 2015), which was announced during the European Council meeting on December 10-11. Due to the fact that the Minsk agreements were not fully implemented by Russia, the EU leaders unanimously made a political decision to extend the economic sanctions against Russia,” the statement reads.
Thus, economic sanctions restrict access to the EU primary and secondary capital markets for certain Russian banks and companies, and also prohibit certain forms of financial assistance and intermediation in favor of Russian financial institutions. Restrictive measures also include the prohibition of direct or indirect import, export or transfer of all defense-related goods.
In addition, a ban was introduced on dual-use goods for military use or for end-users of military goods in Russia. The sanctions also restrict Russia’s access to certain sensitive technologies that can be used in the Russian energy sector, in particular, for oil production and oil exploration.
In addition to economic sanctions, the EU has also adopted various types of measures in response to the illegal annexation of Crimea and Sevastopol by Russia, in particular, diplomatic measures, individual restrictive measures (freezing assets and travel restrictions) and certain restrictions on economic relations with Crimea and Sevastopol.
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