The Council of the European Union (EU) has extended the duration of economic sanctions against Russia until July 31, 2027. In a statement from the Council, it was said that these restrictions will remain in place as long as Moscow continues to violate international law. Brussels also emphasized its readiness to take additional restrictive measures if necessary.
The current sanctions cover trade, finance, energy, and dual-use goods. This includes a ban on the import of Russian oil and petroleum products by sea, restrictions on Russian banks and cryptocurrency services, as well as the suspension of broadcasting of several Russian state media outlets in the EU.
The EU first imposed economic sanctions on Russia in 2014 after the annexation of Crimea. These restrictions were further tightened following the start of the full-scale war in February 2022. In addition, the union maintains individual sanctions against physical and legal persons, as well as economic restrictions on Crimea and other occupied territories of Ukraine.
EU leaders also called for the early agreement of the 21st sanctions package. This package is expected to further reduce Russia's revenues from energy exports, strengthen the fight against the shadow fleet, and increase pressure on the Russian banking system.
At the same time, reaffirming its support for Ukraine, the EU stated that it is ready to continue assistance in all areas, including military, financial, and humanitarian fields.
