As foreshadowed last month (see previous blog), the EU has decided to renew its economic sanctions on Russia for 6 months, until 31 January 2017. Key points:
- These so-called ‘phase 3’ sanctions were those introduced on 31 July 2014, and target Russia’s financial, energy, and defence sectors, as well as imposing restrictions on trade in dual-use goods and restricting Russian banks’ access to EU capital markets.
- The EU also renewed its separate Crimea/Sevastopol sanctions on June 20th until June 2017 (see previous blog).
- The EU will decide whether to renew its Russian targeted asset freezes & travel bans in September 2016.
The EU, along with the G7 group of countries (see previous blog), has said the duration of sanctions on Russia is linked to Russia’s complete implementation of the Minsk Agreement. The Council’s press release is here, and the related Decision is here.