EU Extended Economic Sanctions against Russia for Six Months

The leaders of the European Union came to the conclusion that Moscow is not fulfilling the Minsk agreements, the implementation of which can change the EU position. The European Union extended sanctions against certain sectors of the Russian economy for another six months until January 31, 2022. This is stated in a statement posted on Monday, July 12, on the official website of the European Council. The corresponding decision was made after another assessment of Russia's implementation of the Minsk agreements, held at a meeting of the European Council on June 24-25 this year. Then the EU leaders called on the Kremlin to take full responsibility for ensuring the implementation of the Minsk agreements as a key condition for changing the EU's position. Since these agreements are not fully implemented by Moscow, the EU leaders unanimously decided to keep the economic sanctions in force against the Russian Federation, the document says. Economic sanctions were first introduced on July 31, 2014 in response to Russia's actions destabilizing the situation in Ukraine. Shortly before that, a Malaysian Airlines passenger plane was shot down over Donbas, killing all 298 people on board, about 200 of them were citizens of the Netherlands. According to the International Investigation Group (JIT), the plane was shot down by pro-Russian separatists from the territory under their control. The sanctions against the Russian Federation were strengthened in September 2014, and in March 2015 the European Council decided to link their duration with the full implementation of the Minsk Agreements. The sanctions restrict access to the EU's primary and secondary capital markets for some Russian banks and companies and prohibit the provision of financial assistance to Russian financial institutions. These measures also prohibit the direct or indirect import, export or transfer of all defense-related materials and establish a ban on the sale of dual-use goods for military use or military end-users in Russia. The sanctions further limit Russia's access to some sensitive technologies that could be used in the Russian energy sector, such as oil production and exploration. Sanctions against Russia due to the annexation of Crimea In addition, Russia is subject to sanctions imposed in connection with the annexation of the Ukrainian peninsula of Crimea. The Crimean package of penalties, among other things, provides for restrictions on the import and export of goods, a ban for European companies on the entry of cruise ships into Crimean ports and the provision of other tourist services on the peninsula, as well as on the supply of equipment and investments. The European Union does not recognize the illegal annexation of Crimea by Russia and condemns it as a violation of international law.