Western economic sanctions against Russia do not satisfy their initiators any longer. Italian and French authorities say it is necessary to review the existing sanctions regime. The main reason is that bans and restrictions have detrimental effect on the economy in the region. Among the supporters of the sanctions removal is a member of the French Parliament Thierry Mariani who presented a draft resolution on the subject of lifting the restrictions. The official also calls for radical changes of economic policy of France towards Russia. While the French Parliament is just discussing the issue, the Italian government starts acting. Italy was the only country which raised the issue of economic sanctions extension at the meeting of the EU foreign ministers. The decision on prolongation of the sanctions regime did not suggest any additional ratification. However, the Italian official insisted that further discussion is needed. Of course, a discussion does not mean a lift-off, but it is the first step in this direction. And being backed up by two major EU economies, everything may develop faster. The European Union imposed sanctions against Russia in response to its actions in eastern Ukraine. The measure includes restrictions on financing of major government-owned banks as well as restrictions on defense and energy sectors. Sanctions brought more pressure to the weak Russian economy that was suffering from plunging global oil prices. The German government supported extension of sanctions demanding Moscow to fulfill its promises in terms of the ceasefire agreements.
