EU agrees to additional sanctions on Russia

The EU agrees to implement new sanctions on broad sectors of the Russian economy, in an escalation of Europe's response to allegations that Russia is fueling violent conflict in eastern Ukraine; the U.S. is expected to follow suit.

The measures target four economic sectors: finance, dual-use equipment that could have military applications, arms and oil production equipment.

Their intent is to restrict the ability of Russia's state-owned banks from raising financing on European markets; the measures also will place an embargo on the arms trade and set restrictions on exports of militarily sensitive goods as well as equipment to modernize oil drilling and exploration.

An indirect consequence of added sanctions is the potential legal risk presented by dealing with Russian companies while sanctions are in place, particularly for big companies and investors; though the sanctions are not supposed to affect existing contracts, European companies could be wary of delivering goods and services under their terms.


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Comments (2)
  • PeakOiler
    , contributor
    Comments (299) | Send Message
    Led by Italy, the EU will cheat. They all need Russia for oil. This agreement has no lasting bite.
    29 Jul 2014, 02:31 PM Reply Like
  • leopardtrader
    , contributor
    Comments (3806) | Send Message
    But Russian index RSX is in green ? Means follow the money not the headlines. market thinks sanctions against Russia is nuts.
    What would really be the aim of these sanctions ? For Russia to say "Oh My God please US/EU do whatever you like in Ukraine & Ethnic Russians in the East and allow Kiev to bomb them into submission" . That is fantasy imo. These so-called policy makers are simply nuts. Sanctions and open ultimatums wot make Russia change anything rather it would escalate it
    29 Jul 2014, 02:42 PM Reply Like
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