EU extends anti-Russia sanctions until July 31 2022

EU extends anti-Russia sanctions until July 31 2022

The European Union extended economic sanctions against Russia for another six months.

“The Council (of the European Union) decided to prolong the restrictive measures currently targeting specific economic sectors of the Russian Federation by six months, until 31 July 2022,” the EU institution representing member states announced in a statement.

EU heads of states and governments had already approved the continuation of sanctions during their last summit in December for failing to live up to its commitments to the Minsk Agreement meant to establish peace in eastern Ukraine.

The bloc has been imposing sanctions on Russia's financial, military, and energy sectors since 2014, accusing Moscow of destabilizing activities in Ukraine.

Under the restrictions, certain Russian banks and companies have limited access to the bloc’s capital markets, while EU operators are prohibited from providing services to Russian financial institutions. The EU also restricts trade in defense-related goods and sensitive technologies that could be used in Russia's energy sector.