Tue. Jul 16th, 2024

Brussels, 20 July 2023

The Council today decided to prolong by six months, until 31 January 2024, the restrictive measures targeting specific sectors of the economy of the Russian Federation.

These sanctions, first introduced in 2014 in response to Russia’s actions destabilising the situation in Ukraine, were significantly expanded since February 2022, in response to Russia’s unprovoked and unjustified military aggression against Ukraine.

They currently consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport and luxury goods. They also cover: a ban on the import or transfer of seaborne crude oil and certain petroleum products from Russia to the EU, a de-SWIFTing of several Russian banks, and the suspension of the broadcasting activities and licenses of several Kremlin-backed disinformation outlets. Additionally, specific measures were introduced to strengthen the ability of the EU to counter sanctions circumvention.

Background

In addition to the economic sanctions on the Russian Federation, the EU has in place different types of measures in response to Russia’s destabilising actions against Ukraine. These include: restrictions on economic relations with the illegally annexed Crimea and the city of Sevastopol as well as the non-government controlled areas of the Donetsk and Luhansk oblasts; individual restrictive measures (asset freezes and travel restrictions) on a broad range of individuals and entities, and diplomatic measures.

Since 24 February 2022, the EU has adopted 11 unprecedented and hard-hitting packages of sanctions in response to Russia’s full-scale invasion of Ukraine.

The European Council reiterates its resolute condemnation of Russia’s war of aggression against Ukraine, which constitutes a manifest violation of the UN Charter, and recalls the European Union’s unwavering support for Ukraine’s independence, sovereignty and territorial integrity within its internationally recognised borders and its inherent right of self-defence against the Russian aggression. The European Union will continue to provide strong financial, economic, humanitarian, military and diplomatic support to Ukraine and its people for as long as it takes.

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Source – EU Council

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