The European Council has extended the use of economic sanctions against certain sectors of the Russian economy until July 31, 2020. This is mentioned in the message on the website of the Council.
"This decision follows an update by President Macron and Chancellor Merkel to the European Council on 12 December 2019 on the state of implementation of the Minsk agreements, to which the decision on maintaining sanctions is linked. Given that the Minsk agreements are not fully implemented, the European Council unanimously took the political decision to renew the economic sanctions against Russia. The measures target the financial, energy and defence sectors, and the area of dual-use goods. They were originally introduced on 31 July 2014 for one year in response to Russia's actions destabilizing the situation in Ukraine and strengthened in September 2014", reads the message.
According to the European Council, economic sanctions include the following steps:
- 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.