The EU is keeping the pressure firmly on the Russian economy as turbulence continues in Eastern Ukraine. Sanctions have now been extended until the end of January, adding an additional six months of trade and investment curbs. Foreign ministers approved the decision in Luxembourg on Monday. The restrictions prohibit financing for major Russian banks, any sale of weapons and also restrict a number of Russian exports. Both Russia and the EU have also imposed travel bans on selected individuals and organizations. EU officials argued that the extended sanctions will allow to time to see whether Russia has actively implemented a long term cease fire following February’s Minsk agreement and peace plan. Russia came under scrutiny from Western powers last year following allegations that Moscow was arming and financing Russian separatist forces in Ukraine. Russia has also been accused of sending armed troops into the conflict area. Vladimir Putin’s government has denied the charges. Sanctions have also been extended in Crimea for the next 12 months following Russia’s annexation of the region back in March of last year. The measures prevent investment in the area and also limit trade options.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
