Council of EU extends sectoral sanctions on Russia over Ukraine for another 6 months

BRUSSELS. July 20 (Interfax) - The Council of the EU on Friday extended the effect of sectoral sanctions on Russia for another six months until January 31, 2024, the Council said in a press release.

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

At the present time, the sanctions "consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport and luxury goods," it said.

The restrictions also include a ban on the import or transfer of crude oil and certain petroleum products by sea from Russia to the EU, barring a number of Russian banks from access to the SWIFT international interbank messaging system, and suspending broadcasts of several Russian media outlets in the EU.

The EU has also undertaken some specific measures to strengthen its ability to counter sanctions circumvention.

Apart from economic sanctions, the EU has introduced some other measures with regard to Russia, including restrictions on economic relations with Crimea and the city of Sevastopol, as well as the Donetsk and Lugansk People's Republics, individual restrictions (asset freezes and travel restrictions) on numerous individuals and entities, and diplomatic measures.

The sanctions were imposed for the first time on July 31, 2014 for one year in response to "Russia's actions destabilizing the situation in Ukraine." Since February 2022, they have been considerably expanded with the start of Russia's special military operation in Ukraine. Since then, the EU has effected 11 packages of Russia sanctions.