EU prolongs sanctions against Russia

The European Union has decided to prolong the sanctions imposed on Russia in response to the Ukraine conflict until July 31, 2024

These measures were initially introduced in 2014 in reaction to Russia’s backing of separatists in Donbas and the annexation of Crimea, and have been consistently renewed since 2022, following Russia’s full-scale invasion of Ukraine.

The sanctions encompass various sectors including trade, banking, technology, industry, and transportation, along with media outlets controlled by the Kremlin.

The EU has enacted 12 rounds of sanctions targeting Russia since 2022, which cover disconnecting its banks from the SWIFT international payment system and imposing a sea-based ban on the importation of crude oil and specific petroleum products from Russia to the EU.

Ukraine’s government has been vocal in urging for stricter measures against Russia, advocating for a complete embargo on Russian oil products. However, the Kremlin maintains that the Western sanctions have not significantly impacted the Russian economy.