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EU leader calls for approving economic sanctions against Russia

July 25, 2014, 19:23 UTC+3 BRUSSELS
“The measures in the field of sensitive technologies will only affect the oil sector in view of the need to preserve EU energy security,” the source says
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© EPA/JULIEN WARNAND

BRUSSELS, July 25./ITAR-TASS/. European Council leader Herman Van Rompuy has written to EU leaders saying the bloc agrees on defense, financial and technology sanctions against Russia, avoiding the need for an emergency summit.

“The measures in the field of sensitive technologies will only affect the oil sector in view of the need to preserve EU energy security,” the source said.

The European Commission says that Russian banks with over 50% state ownership placed bonds worth 7.5 billion euros on European markets last year while the total amount of bonds floated by Russian banks in Europe in 2013 is estimated at 15.8 billion euros.

Aside from restrictions on Russia’s financial sector, the EC document mentions a ban on EU exports of sensitive technologies to Russia to target three areas: deep-sea drilling, Arctic exploration and shale oil extraction.

The European Commission may also impose an arms embargo to limit Russian weapons exports to Europe estimated at 3.2 billion euros a year and restrict trade in dual-purpose goods.

The new sanctions also include restrictions on trade in and out of Crimean ports.

 

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