EU Council extends sanctions against Russia for six months

This is reported by the press service.

"The Council today decided to prolong by six months, until 31 January 2024, the restrictive measures targeting specific sectors of the economy of the Russian Federation," the statement says. 

Currently, sanctions include a wide range of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transportation and luxury goods.

The sanctions against Russia also include a ban on the import or transfer of marine crude oil and certain petroleum products from Russia to the EU, the disconnection of several Russian banks from SWIFT, and the suspension of broadcasting activities and licenses of several Kremlin-backed disinformation media outlets. In addition, specific measures have been introduced to strengthen the EU's ability to counter sanctions circumvention.

These restrictions were first introduced in 2014 in response to Russia's actions against Ukraine and extended in February 2022 in response to Russia's unprovoked and unjustified military aggression.

What is known about sanctions against Russia

The new 11th sanctions package against Russia was supposed to be adopted by the end of May, but Budapest demanded that three Hungarian companies be removed from the list. Hungarian Foreign Minister Péter Szijjártó said that due to Ukraine's inclusion of the Hungarian OTP Bank in the list of war sponsors, it would be difficult for Budapest to agree with the EU on new sanctions against Russia.

Greece also demanded that its companies be removed from the list.

On May 8, the Financial Times reported that the European Union may impose sanctions on several Chinese companies for supplying electronics to Russia.

In June, Politico reported that Germany, France, and several other EU member states fear that measures aimed at preventing Russians from circumventing sanctions could have a negative impact on diplomatic relations.

On June 15, Bloomberg wrote that the EU may remove 5 Chinese companies with ties to Russia from the new sanctions list.

On June 21, EU ambassadors agreed on a new package of sanctions against Russia, which includes the elimination of loopholes that help the Russians circumvent previously imposed restrictions.

On June 28, Switzerland added new individuals and organizations to the list of restrictions on Russia, thus supporting the 11th EU sanctions package.