EU extends economic sanctions against Russia for another six months
On Monday, December 22, the Council of the EU extended the economic restrictive measures against Russia over its war against Ukraine for a further six months, until July 31, 2026.
This was reported by the press service of the Council of the EU, Ukrinform reports.
“Today the Council renewed the EU restrictive measures in view of the Russian Federation’s continuing actions destabilising the situation in Ukraine for a further 6 months, until 31 July 2026,” the statement reads.
As noted, these economic sanctions were first introduced in 2014 and were significantly expanded from February 2022 in response to Russia’s unjustified and illegal military aggression against Ukraine.
They currently comprise a broad range of sectoral measures, including restrictions in areas such as trade, finance, energy, technology, dual-use goods, industry, transport, and luxury goods.
They also include a ban on the import or transfer by sea of crude oil and certain petroleum products from Russia to the EU, the exclusion of several Russian banks from the SWIFT system, and the suspension of broadcasting activities and licenses within the European Union of several Kremlin-backed disinformation media outlets. In addition, specific measures enable the EU to counter attempts to circumvent sanctions.
“As long as the illegal actions by the Russian Federation continue to violate fundamental rules of international law, including, in particular, the prohibition on the use of force, it is appropriate to maintain in force all the measures imposed by the EU and to take additional measures, if necessary,” the statement says.
As Ukrinform reported, the European Union imposed restrictive measures in response to actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine on March 17, 2014, following the start of the Russian Federation’s aggression against Ukraine.
Since then, the Council of the EU has extended the sanctions every six months. They provide for travel restrictions, asset freezes, and a ban on making funds or other economic resources available to individuals and entities included on the sanctions list.
In addition, the restrictive measures applied by the EU in response to the crisis in Ukraine include economic sanctions against specific sectors of the Russian economy, as well as restrictive measures in response to the illegal occupation of Crimea and Sevastopol.
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