The EU has extended sanctions targeting specific sectors of the Russian economy until January 31, 2017, the EU Council announced on July 1, 2016.
Previously, permanent representatives of the EU countries have reported their intention to extend the sanctions, so that was not a surprise for Russia.
France, Britain and Sweden used their right to negotiate the decision with local parliaments.
The economic sanctions limit access to EU primary and secondary capital markets for five major Russian majority state-owned banks and their majority-owned subsidiaries established outside of the EU, as well as three major Russian energy companies and three defence companies.
Moreover, export and import ban on trade in arms, dual-use goods for military use and for the Russian army was prolonged.
Sanctions targeting Russia’s access to certain technologies and services that can be used for oil production and exploration were also extended.
Moreover, the European Union’s association agreements with Georgia and Moldova came into force on July 1. The agreements include provisions establishing the Deep and Comprehensive Free Trade Areas (DCFTAs) for these countries.
