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EU extends economic sanctions on Russia for another six months

22.07.2024 18:30
The European Union on Monday renewed its economic sanctions on Russia over its war of aggression against Ukraine, extending the punitive measures for another six months.
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The Council of the European Union said in a statement that it "renewed the EU restrictive measures in view of the Russian Federation's continuing actions destabilising the situation in Ukraine" for a further six months, until January 31, 2025.

These sanctions, first introduced in 2014, were significantly expanded since February 2022 "in response to Russia's unprovoked, unjustified and illegal military aggression against Ukraine," the statement said.

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, according to the European Council, which is made up of the heads of state or government of all EU countries.

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 in the European Union of several Kremlin-backed disinformation outlets."

Additionally, specific measures enable the EU to counter sanctions circumvention, the European Council said in its statement.

"As long as the illegal actions by the Russian Federation continue to violate the prohibition on the use of force, which is a serious breach of obligations under international law, it is appropriate to maintain in force all the measures imposed by the EU and to take additional measures, if necessary," the statement also said.

Since February 24, 2022, the EU has adopted 14 packages of sanctions in response to Russia’s full-scale invasion of Ukraine.

The European Council reiterated its continued support for Ukraine’s independence, sovereignty and territorial integrity within its internationally recognised borders and reaffirmed the EU’s unwavering commitment to providing continued political, financial, economic, humanitarian, military and diplomatic support to Ukraine.

The European Council also strongly condemned the recent escalation of hostilities by Russia, in particular the further intensified attacks against civilians and civilian and critical infrastructure, especially in the energy sector.

Russia invaded Ukraine on February 24, 2022, starting the largest armed conflict in Europe since World War II.

Monday is day 880 of Russia’s war on Ukraine.

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Source: IAR, PAPconsilium.europa.eu