EU prolongs economic sanctions on Russia by 6 months

By Ata Ufuk Seker

BRUSSELS

The European Union has extended economic sanctions against Russia by six months, the European Council said on Friday.

The council said in a statement that sanctions “target the financial, energy and defense sectors, and the area of dual-use goods” and would be in force until Jan. 31, 2017.

EU sanctions were first imposed in July 2014 in response to Russia's annexation of Ukraine’s Crimean Peninsula and over its support for pro-Russian separatists in eastern Ukraine.

Sanctions on Russia were reinforced and prolonged later until 31 July 2016, after the Minsk Agreement was not fully implemented by the end of 2015.

“Having assessed the implementation of the Minsk agreements, the Council decided to renew the sanctions for a further six months, until 31 January 2017,” it said.

EU’s economic sanction’s include limiting access to the EU for five major Russian majority state-owned financial institutions as well as three major Russian energy and three defense companies, imposing an export and import ban on trade in arms, and establishing an export ban on dual-use goods for military use.

In addition, the council said measures include visa ban and freeze on assets belonging 146 people and 37 entities until 15 September 2016.

Ukraine and Russia, with the mediation of France and Germany, signed the Minsk cease-fire agreement on Feb. 12, 2015, which includes the withdrawal of heavy weaponry from combat areas, and of all foreign armed formations; the release of all hostages and unlawfully detained persons as well as political reforms and decentralization in the eastern Ukrainian regions.

*Anadolu Agency Correspondent Fatjon Prroni contributed to this report from Ankara.