BRUSSELS, July 30 (RIA Novosti) — The European Commission believes that new EU sanctions against Russia are compatible with the World Trade Organization’s (WTO) regulations, a source in the Commission told journalists Wednesday.
“We believe that our measures are compatible with the WTO [regulations]," he said.
The European Union agreed Tuesday on a new set of sectoral economic sanctions against Russia over the Ukrainian crisis, which will limit Russian state-owned financial institutions’ access to EU capital markets, impose an embargo on trade in arms, establish an export ban for dual use goods for military end users and curtail Russian access to sensitive technologies, particularly in the oil sector. The sanctions will be published on July 31 and will come into effect on August 1.
Washington introduced sanctions on three more Russian banks, namely VTB Group, the country’s second-largest bank, Bank of Moscow and the Russian Agricultural Bank. The measure prohibits US citizens and companies from purchasing debt issued by the banks or their representatives carrying maturities longer than 90 days, or new equity. The US sanctions also target state-owned United Shipbuilding Corporation.
Russia has repeatedly denied accusations that it was supplying the eastern militias with arms and called the “language of sanctions” counterproductive.
