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The EU extends six months more sanctions against Russia for the conflict in Ukraine

December 19, 2019


The European Council on Thursday formalized the six-month extension, until July 31, 2020, of the economic sanctions taken against Russia by the conflict in Ukraine, understanding that there has been insufficient progress in compliance with the Minsk Agreements .

The extension was agreed last week at the summit of heads of state and government, by virtue of the information provided by the president of France, Emmanuel Macron, and the chancellor of Germany, Angela Merkel, after their recent meeting with the leaders of Russia and Ukraine, Vladimir Putin and Volodimir Zelenski, respectively.

The EU extends six months more sanctions against Russia for the conflict in Ukraine
The EU extends six months more sanctions against Russia for the conflict in Ukraine

The Heads of State and Government of the EU already conditioned in March 2015 the duration of economic sanctions on Russia to full compliance with the Minsk Agreements and, since then, they have been extended.

The punishments were approved in July 2014 in the financial, energy, defense and dual equipment sectors in response to the Russian aggression in Ukraine and were reinforced in September of that year.

European sanctions restrict access to the capital market of five banks owned by the Russian State – the Sberbank, the VTB Bank, the Gazprombank, the Vnesheconombank (VEB) and the Rosselkhozbank – as well as their subsidiaries outside the EU and those that act in your name or under your control.

Financing was also restricted to three oil companies – Rosneft, Transneft and Gazprom Neft, an oil subsidiary of the Russian gas giant – and three other Russian defense companies: the helicopter and fighter aircraft companies OPK and United Aicraft Corporation, and to the manufacturer of tanks Uralvagonzavod.

Under the sanctions, European companies and citizens cannot buy or sell new bonds, venture capital or similar financial instruments with a maturity of more than 30 days issued by these companies and it is also forbidden to provide them with financial services such as brokering. '. Nor can loans be given to the five Russian financial institutions.

The sanctions include an embargo on the import and export of weapons and related material for Russia – new contracts – and the prohibition of exporting goods and technologies of dual use, civil and military, for military use in Russia, Russian military and nine mixed defense companies.

The Twenty-eight also hardened the export of certain key equipment and technologies for the Russian energy sector, subjecting them to a prior authorization regime by the Member States and agreed to deny export licenses for equipment for the exploration and production of deep-sea oil, Shale oil and oil exploration in the Arctic.

They also banned associated services such as drilling or testing services in wells, cuts and finishing services and the supply of specialized floating vessels.

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