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German top diplomat upholds sectoral sanctions against Russia

July 26, 2014, 19:16 UTC+3 BERLIN
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BERLIN, July 26, /ITAR-TASS/. German Foreign Minister Frank-Walter Steinmeier has supported sectoral sanctions against Russia.

Due to the latest events in Ukraine “Russia’s behaviour gives no choice for us,” Steinmeier said on Saturday.

“We’re committed to our policy for taking joint thought-out measures and holding serious talks with Russia,” Steinmeier said.

“Due to its position Russia hurt its economy. The sectoral sanctions will complicate the situation,” he 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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