Transport Online – EU extends economic policy against Russia over Ukraine
BRUSSELS – The European Union once again extends the economic fight against Russia and Ukraine. The measures, including a ban on trade in all possible defense equipment and a restriction on banking with the EU, will remain in force for six months, until July 31.
The sanctions have been in place since 2014, when Russia annexed Ukraine’s Crimea and intervened in the conflict in eastern Ukraine. The EU linked the later ones to the agreements made in Minsk to resolve the conflict. Russia once promised that Ukraine would regain control of its own borders, but that has not happened.
In December at their summit in Brussels, EU leaders discussed the state of play in the Minsk agreement and unanimously concluded that Russia is still not adhering to the agreements. Tensions, meanwhile, have grown as the Russians have increased their forces on Ukraine’s border. Negotiations with the Russians on de-escalation of the situation have been ongoing throughout the week in various international and diplomatic contexts in which Washington plays a leading role.
economic penalties
Due to the punitive measures, Russian banks can borrow and pay less easily in the EU. Furthermore, trade in anything to do with defense with Russia is prohibited. This also applies to goods that can be used for innocent, but also military. Sales to Russia of sensitive technology for energy companies have also been restricted.
In addition to the economic measures, the EU also took action against a number of Russians who had a share in Ukraine. Russia also has sanctions against the EU, with a ban on the import of any foodstuffs.