‘Destabilising Ukraine’: EU extends economic sanctions on Russia

The sanctions were decided at a meeting of the European Council of Foreign Affairs in Brussels today, attended by foreign ministers of EU member states.

"The Council decision follows the latest assessment of the state of implementation of the Minsk agreements – initially foreseen to happen by 31 December 2015 – at the European Council of 24-25 June 2021," the European Council said in a statement.

"On that occasion, EU leaders called on Russia to fully assume its responsibility in ensuring the full implementation of the Minsk agreements as the key condition for any substantial change in the EU's stance," the statement read.

"In light of the fact that these agreements are not fully implemented by Russia, EU leaders unanimously decided to roll over the economic sanctions in place against the country," the statement added.

The sanctions that were first introduced in 2014 in response to "Russia's actions destabilizing the situation in Ukraine" are now renewed until Jan. 31, 2022.

The economic sanctions limit Russian access to EU primary and secondary capital markets and also prohibit forms of financial assistance and brokering toward Russian financial institutions, as well as further curtailing Russian access to technologies in oil production and exploration, according to the statement.

After the sanctions, "The measures also prohibit the direct or indirect import, export or transfer of all defence-related material and establish a ban for dual-use goods for military use or military-end users in Russia," the statement added.

The sanctions were first imposed by the European Union in July 2014 and have been steadily expanding.

The European leadership is adamant that the sanctions on Russia will remain in place until the 2014 Minsk Protocol is implemented.