EU prolongs economic sanctions on Russia by six months

Written by on December 19, 2019 in Europe - Comments Off on EU prolongs economic sanctions on Russia by six months

The Council of the EU, in a decision on December 19, prolonged the economic sanctions targeting specific sectors of the Russian economy until July 31 2020.

The decision follows an update by French President Emmanuel Macron and German Chancellor Angela Merkel to the European Council on December 12 on the state of implementation of the Minsk agreements, to which the decision on maintaining sanctions is linked.

“Given that the Minsk agreements are not fully implemented, the European Council unanimously took the political decision to renew the economic sanctions against Russia,” the December 19 statement said.

The measures target the financial, energy and defence sectors, and the area of dual-use goods.

They were originally introduced on July 31 2014 for one year in response to Russia’s actions destabilising the situation in Ukraine and strengthened in September 2014.

The economic sanctions prolonged by this decision include:

  • Limiting access to EU primary and secondary capital markets for 5 major Russian majority state-owned financial institutions and their majority-owned subsidiaries established outside of the EU, as well as three major Russian energy and three defence companies;

  • Imposing an export and import ban on trade in arms;

  • Establishing an export ban for dual-use goods for military use or military end users in Russia;

  • Curtailing Russian access to certain sensitive technologies and services  that can be used for oil production and exploration.

The duration of the sanctions was linked by the European Council on March 19 2015, to the complete implementation of the Minsk agreements, which was foreseen to take place by December 31 2015. Since this did not happen, the sanctions have remained in place, the statement by the Council of the EU said.

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