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EU extends sanctions on Russia

by Karen Faulkner, Worthy News Correspondent

(Worthy News) – The European Union has decided to extend sanctions it imposed on Russia in 2014 following Russian military action against Ukraine. The decision to extend the economic measures was made by the Council of the European Union on June 29.

In a press release, Monday the EU Council its decision to extend was made based on an assessment of Russia’s implementation of the 2014 Minsk Protocol (foreseen to be implemented by December 2015). The Minsk Protocol calls for Russian compliance on numerous issues ranging from the immediate halt of war in the Donbass region of Ukraine through to adopting an economic plan of recovery and reconstruction in that area. The EU determined that the aims of the Protocol have not yet been fully implemented.

The EU sanctions on Russia “limit access to EU primary and secondary capital markets for certain Russian banks and companies and prohibit forms of financial assistance and brokering towards Russian financial institutions,” the EU Council said.

Moreover, the measures ban direct or indirect import, export, or transfer of “all defense-related material and establish a ban for dual-use goods which may have military use or be used by military end-users in Russia.”

The sanctions also limit Russia in accessing “sensitive technologies that can be used in the Russian energy sector, for instance in oil production and exploration.”