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EU extends sanctions against Russia

russiandocksThe European Union has decided to renew sanctions against Russia for another six months in order to maintain pressure over the conflict in eastern Ukraine.

The unanimous decision was reached by ambassadors from the 28 member states on Tuesday. It must be approved by EU ministers which may happen as early as next week.

The end date of 31 January 2017 will give the EU more time to assess if Russia is abiding by signed peace agreements aimed to bring peace to the eastern Ukraine.

So far, the fighting there has continued. Shelling, machine gun fire and explosions have been reported, but not confirmed, but there have been several deaths recorded recently on both sides.

The UK has been one of the strongest voices in favour of sanctions, but other countries such as Italy, Greece and Hungary have begun to question then.

The sanctions target Russia’s financial, energy, and defence sectors, as well as a number of government officials, businessmen, and public figures.

EU sanctions against Russia were initially introduced in 2014 over the country’s alleged involvement in the conflict in eastern Ukraine and Crimea.

Moscow responded by imposing an embargo on agricultural produce, food and raw materials against countries that joined anti-Russian sanctions. Since then the sides have repeatedly broadened and extended the restrictive measures.

Russia’s main trading partner is the EU, accounting for 45% of Russia's foreign trade last year. It is the fourth-largest trade partner of the bloc after the US, China and Switzerland. Russia is Europe's biggest natural gas supplier and one of its biggest oil suppliers.

Trade between Russia and the EU dropped from $417.7 billion in 2013 to $235.7 billion last year.

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