{"id":92726,"date":"2022-01-18T08:00:45","date_gmt":"2022-01-18T07:00:45","guid":{"rendered":"https:\/\/www.cde.ual.es\/?p=92726"},"modified":"2022-01-30T15:25:06","modified_gmt":"2022-01-30T14:25:06","slug":"economic-sanctions-on-russia-renewed-for-another-six-months","status":"publish","type":"post","link":"https:\/\/www.cde.ual.es\/en\/economic-sanctions-on-russia-renewed-for-another-six-months\/","title":{"rendered":"Economic sanctions on Russia renewed for another six months"},"content":{"rendered":"

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The Council\u00a0 decided on 13 December to prolong the restrictive measures currently targeting specific economic sectors of the Russian Federation by six months, until<\/strong>\u00a031 July 2022<\/strong>. The Council decision follows the latest assessment of the state of implementation of the\u00a0Minsk agreements<\/strong>\u00a0– initially foreseen to happen by 31 December 2015 – at the European Council of 16 December 2021.<\/p>\n

The sanctions in place, first introduced on 31 July 2014 in response to Russia’s actions destabilising the situation in Ukraine,\u00a0limit access to EU primary and secondary capital markets<\/strong>\u00a0for certain Russian banks and companies and\u00a0prohibit forms of financial assistance and brokering<\/strong>\u00a0towards Russian financial institutions. The sanctions also prohibit the direct or indirect import, export or transfer of\u00a0all defence-related material<\/strong>\u00a0and establish a ban for\u00a0dual-use goods for military use<\/strong>\u00a0or\u00a0military-end users<\/strong>\u00a0in Russia. The sanctions further curtail Russian access to certain\u00a0sensitive technologies<\/strong>\u00a0that can be\u00a0used in the Russian energy sector<\/strong>, for instance, in oil production and exploration.<\/p>\n

During the assessment of the state of implementation of the Minsk agreements that occurred at the European Council of 16 December 2021, the EU leaders encouraged diplomatic efforts and supported the Normandy format in achieving the full implementation of the Minsk Agreements. In light of the fact that Russia did not fully implement these agreements, EU leaders unanimously decided to roll-over the economic sanctions in place against the country.<\/p>\n

In addition to economic sanctions, the EU has in place different types of measures in response to Russia\u2019s illegal annexation of Crimea and the city of Sevastopol and the deliberate destabilisation of Ukraine. These include: diplomatic measures, individual restrictive measures (asset freezes and travel restrictions) and specific restrictions on economic relations with Crimea and Sevastopol.<\/p>\n

History of restrictive measures<\/strong><\/h3>\n

Diplomatic measures<\/h4>\n

In 2014, the\u00a0EU-Russia summit was cancelled<\/strong>\u00a0and EU member states decided not to hold regular bilateral summits. Bilateral talks with Russia on visa matters as well as on the new agreement between the EU and Russia were suspended.<\/p>\n

Instead of the G8 summit in Sochi, a\u00a0G7 meeting<\/strong>\u00a0was held in Brussels on 4-5 June 2014. Since then, meetings have continued within the G7 process.<\/p>\n

EU countries also supported the suspension of negotiations over Russia’s joining the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA).<\/p>\n

The Council today decided to prolong the restrictive measures currently targeting specific economic sectors of the Russian Federation by six months,\u00a0until<\/strong>\u00a031 July 2022<\/strong>. The Council decision follows the latest assessment of the state of implementation of the\u00a0Minsk agreements<\/strong> – initially foreseen to happen by 31 December 2015 – at the European Council of 16 December 2021.<\/p>\n

Restrictions on economic relations\u00a0with Crimea and Sevastopol<\/h4>\n

The Council adopted restrictive measures in response to the illegal annexation of Crimea and Sevastopol by the Russian Federation.<\/p>\n

The measures apply to EU persons and EU based companies. They are limited to the territory of Crimea and Sevastopol.<\/p>\n

These measures include:<\/p>\n