27.01.2025 14:50
The High Representative of the European Union for Foreign Affairs and Security Policy, Kaja Kallas, announced on her social media account that a decision has been made to extend the duration of economic sanctions imposed on Russia by 6 months.
The European Union (EU) has extended the duration of its economic sanctions against Russia by 6 months.
Kaja Kallas, the EU's High Representative for Foreign Affairs and Security Policy, shared on her social media account during a meeting of the foreign ministers of EU member states held in Brussels.
"AGREEMENT ON EXTENDING SANCTIONS AGAINST RUSSIA"
Kallas stated, "The foreign ministers of EU countries have agreed to extend the sanctions against Russia." She noted that extending the sanctions would deprive Moscow of the revenues needed to finance the war. Kallas emphasized, "Russia needs to pay the price for the damage it has caused."
EXTENDED UNTIL JULY 31, 2025
As part of the decision, the restrictive measures, which were first initiated in 2014 due to Russia's actions to destabilize Ukraine and significantly expanded after the invasion of Ukraine in February 2022, will be extended until July 31, 2025.
15 SANCTION PACKAGES AGAINST RUSSIA
The EU has implemented 15 sanction packages against Russia so far. These sanctions include a wide range of restrictions on trade, finance, energy (including oil and coal), industry, technology, transportation, dual-use and luxury goods, as well as gold and diamonds.
The ban on the shipment of crude oil and certain petroleum products from Russia to the EU, the removal of some Russian banks from the international payment system SWIFT, and the suspension of activities of numerous media outlets are also among the sanctions. The EU's sanctions list includes more than 2,000 individuals and entities.
EXTENDED EVERY 6 MONTHS
The duration of the EU's economic sanctions against Russia is extended every 6 months. The current sanctions were set to expire on January 31, 2025. A unanimous decision is required to extend these sanctions. Due to concerns in the energy sector, Hungary has not been approving the extension of the sanctions for some time.