The European Union extends its economic sanctions against Russia because of Ukraine | abroad

The European Union extends its economic sanctions against Russia because of Ukraine |  abroad

Sanctions have been in place since 2014, when Russia annexed Ukraine’s Crimea peninsula and intervened in the conflict in eastern Ukraine. The European Union later linked the sanctions to agreements concluded in Minsk to resolve the conflict. For example, Russia then promised that Ukraine would regain control of its borders, but this did not happen.

At their summit in Brussels in December, EU leaders discussed the state of play in the Minsk Agreement and unanimously concluded that Russia is still not committed to the agreements. Meanwhile, tensions escalated further as the Russians increased their forces on the Ukrainian border. Negotiations on de-escalation with the Russians continued throughout the week in various international and diplomatic contexts in which Washington plays a key role.

Borrowing and investing

Because of the sanctions, Russian banks and companies are less able to borrow and invest in the EU. Furthermore, it prohibits trade in anything related to defense with Russia. This also applies to goods that can be used for innocent purposes, but also for military purposes. Sales of sensitive technology to energy companies have also been restricted.

In addition to economic sanctions, the European Union has also imposed sanctions on a number of Russians who participated in the alleged interference in Ukraine. Russia also faces sanctions against the European Union, which ban the import of certain foodstuffs.

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