The Council of the European Union decided today 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.
The sanctions 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 licences of several Kremlin-backed disinformation outlets. Additionally, specific measures were introduced to strengthen the ability of the EU to counter sanctions circumvention.
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.
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