the republic logo

New EU sanctions against Russia to target businesses, arms trade

Share/Save/Bookmark

BRUSSELS — European Union ambassadors reached a preliminary deal Friday on stepped-up sanctions against Russia, targeting its access to European capital markets and trade in the defense sector, dual-use goods and sensitive technologies.

EU spokeswoman Maja Kocijancic said the proposals were transmitted to EU officials to codify into regulations, with the ambassadors scheduled to meet again Tuesday to review the results. She said EU member states must decide whether the measures need to be approved by a summit meeting of the trade bloc's 28 member countries to go into effect.

The ambassadors also ordered EU-wide asset freezes and travel bans for 15 more Russians and pro-Russian Ukrainians who are accused of undermining Ukraine's territorial integrity, the EU said in a news release. Eighteen businesses or entities will also now be subject to EU sanctions for the same reason, the release said.

The names of the people and entities affected should be made public later Friday, and take effect immediately. It will bring the total number of people under EU sanction in connection with Russia's annexation of Crimea and the revolt in eastern Ukraine to 87. Two Crimea-based energy businesses have already had their EU holdings frozen.

The trade bloc's foreign ministers on Tuesday ordered the preparation of stepped-up economic sanctions, frustrated over Russia's refusal to heed EU demands to help bring about an end to the fighting in Ukraine, and with many Europeans leaders and citizens outraged by the shooting down of a Malaysian jetliner over eastern Ukraine.

In a document prepared for the ambassadors, EU officials suggested restricting Russian state-owned financial institutions' access to European capital markets. Last year alone, the document said, 47 percent — or 7.5 billion euros ($10.2 billion) worth — of all the bonds issued by such institutions came from EU financial markets.

Think your friends should see this? Share it with them!

All comments are moderated before posting. Your email address must be verified with Disqus in order for your comment to appear.
View our commenting guidelines and FAQ's here.

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.