EU renews sanctions on Russia over actions against Ukraine

Photo: European Union
Photo: European Union

On 29 June, the Council of the European Union extended the economic sanctions on specific sectors of the Russian economy until 31 January 2021. The restrictive measures were introduced in 2014 in view of Russia’s destabilising actions against Ukraine.

The decision to extend these measures follows the EU’s latest assessment of the implementation of the 2014 Minsk Protocol (foreseen to be implemented by December 2015). At a video conference of the members of the European Council on 19 June 2020, EU leaders decided to continue the economic sanctions against Russia, as the protocol has not yet been fully implemented.

The sanctions 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 measures also prohibit the direct or indirect import, export or transfer of all defence-related material, and establish a ban on dual-use goods, as they can have military use in Russia. The sanctions further curtail Russian access to certain sensitive technologies that can be used in the energy sector, for instance in oil production and exploration.

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Press release

Timeline – EU restrictive measures in response to the crisis in Ukraine