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European Union agrees on Russian sectoral sanctions – top EU officials

RT | July 29, 2014

The EU has agreed on a new package of sanctions against Russia targeting the military, oil and finance sectors, according to a joint statement by the presidents of the EU Commission and Council.

All 28 member states agreed on the broader economic sanctions, which “will limit access to EU capital markets for Russian State-owned financial institutions, impose an embargo on trade in arms, establish an export ban for dual use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector,” the statement says.

Fresh sanctions come amid the EU’s growing frustration with Russia’s alleged interference in eastern Ukraine, and is being fanned by the tragedy of the shooting down of MH17, which killed hundreds of EU citizens.

The tougher stance goes along with American foreign policy after the US issued a fresh round of sanctions against Russia on July 16.

Many worry that sanctions, which in the past haven’t proved a practical measure in punishing countries, will have a boomerang effect, and end up hurting Western markets more than Russia itself, particularly financial centers like London.

Worldwide, Russia ranks the fifth largest economy by purchasing power, and even after sanctions will remain a large and powerful international player.

July 29, 2014 - Posted by | Economics | , ,

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