The EU has officially upheld the decision to extend the economic sanctions against Russia until January 31, 2020. The Council of the European Union made the respective decision June 27. Yevropeiska Pravda outlet reported this on Thursday.
The decision was made after leaders of France and Germany, Emmanuel Macron and Angela Merkel made a joint report on the status of Minsk agreements' completion.
'Following this update, the European Council called for an urgent resumption of negotiating efforts with a view to the implementation of the Minsk Agreements and for measures aimed at rebuilding confidence among the parties. In this context, EU leaders unanimously agreed to maintain the economic sanctions on Russia. The Council formalised this decision today by written procedure', reads the message at the website of the EU authority.
The Council of the European Union specified that the restrictions include:
- limiting access to EU primary and secondary capital markets for 5 major Russian majority state-owned financial institutions and their majority-owned subsidiaries established outside of the EU, as well as three major Russian energy and three defence companies
- imposing an export and import ban on trade in arms
- establishing an export ban for dual-use goods for military use or military end users in Russia
- curtailing Russian access to certain sensitive technologies and services that can be used for oil production and exploration.
'The duration of the economic sanctions was linked by the European Council on 19 March 2015 to the complete implementation of the Minsk Agreements, which was foreseen to take place by 31 December 2015. Since this did not happen, the sanctions have remained in place', reads the message.