EU prolongs economic sanctions over Russia’s military aggression against Ukraine
On 27 January, the Council of the European Union decided to prolong by six months, until 31 July 2023, the restrictive measures targeting specific sectors of the economy of the Russian Federation.
These sanctions, first introduced in 2014 in response to Russia’s actions destabilising the situation in Ukraine, were significantly expanded after February 2022, in light of Russia’s unprovoked and unjustified military aggression against Ukraine.
They currently consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport and luxury goods. They also cover: a ban on the import or transfer of seaborne crude oil and certain petroleum products from Russia to the EU, a de-SWIFTing of several Russian banks, and the suspension of the broadcasting activities and licences of several Kremlin-backed disinformation outlets.
In addition to the economic sanctions on the Russian Federation, the EU has in place different types of measures in response to Russia’s destabilising actions against Ukraine. These include: restrictions on economic relations with the illegally annexed Crimea and the city of Sevastopol as well as the non-government controlled areas of the Donetsk and Luhansk oblasts; individual restrictive measures (asset freezes and travel restrictions) on a broad range of individuals and entities, and diplomatic measures.
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