The European Union’s economic sanctions against Russia will remain in place for at least another six months. According to the EU countries, Russia is still not adhering to the agreements made to restore peace in Ukraine.
The sanctions have been in place since 2014 when Russia annexed the Ukrainian peninsula of Crimea and intervened in the conflict in eastern Ukraine. The EU later linked the sanctions to the agreements made in Minsk to resolve the dispute. For example, Russia then promised that Ukraine would regain control of its borders, but that has not happened.
The sanctions were due to expire at the end of this month but will now remain in place at least until the end of January. As a result, Russian banks and companies cannot borrow and invest and do other business in the EU.
Furthermore, trade-in anything to do with defence with Russia is prohibited. This also applies to goods that can be used for innocent purposes but also for military purposes. Sales to Russia of sensitive technology for energy companies have also been restricted.
At the time, Russia hit back with a ban on importing certain foodstuffs from Western countries. That has also been extended. In addition to economic sanctions, the EU has also imposed sanctions on several Russians who participated in the alleged interference in Ukraine.