EU Decision on Extending Anti-Russia Sanctions Takes Effect

BRUSSELS (Sputnik) – The decision of the European Union on extending the economic sanctions against Russia until July 31, 2017, came into effect Wednesday following its publication in the EU Official Journal on Tuesday.

According to the second article of the Council's decision on renewal of the restrictive measures, the decision enters into force the next day after its publication in the Official Journal.

Following December 15 political decision, the European Union on Monday officially extended the economic sanctions against Russia, which were initially introduced in 2014 over the conflict in Ukraine, citing the failure to implement the Minsk peace agreements.

The sanctions imply limiting access to EU primary and secondary capital markets for five Russian state-owned financial institutions and their majority-owned subsidiaries as well as three Russian energy and three defense companies, imposing an export and import ban on trade in arms with Russia, banning export of dual-use goods to Russia and curtailing Russian access to certain technologies and services that can be used for oil production and exploration.

Russia has repeatedly refuted the allegations about its alleged involvement in the Ukrainian conflict, warning that the Western sanctions are counterproductive and undermine global stability.

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