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EU Council will discuss economic sanctions on Russia July 29

July 28, 2014, 16:49 UTC+3 BRUSSELS
They include an arms embargo to limit Russian weapons exports to Europe estimated at €3.2 billion a year and restrictions on trade in dual-purpose goods
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©  EPA/CHRISTOPHE KARABA

BRUSSELS, July 28. /ITAR-TASS/. The EU Council will discuss economic sanctions against Russia on July 29, European Commission representative Jonathan Todd said on Monday.

They include an arms embargo to limit Russian weapons exports to Europe estimated at €3.2 billion a year and restrictions on trade in dual-purpose goods.

The EU summit took a decision on the expansion of blacklist for Russian companies on July 16.

At present, the EU blacklist includes 72 names, including Russian politicians and officials, leaders of militia in the Donetsk and Luhansk people’s republics.

European Council leader Herman Van Rompuy wrote to EU leaders saying the bloc agreed on defense, financial and technology sanctions against Russia, avoiding the need for an emergency summit, a diplomatic source in the EU Council said on July 25.

“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 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.

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

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