The European Union will take a formal decision to extend anti-Russian sanctions

© RIA Novosti / Alexei Vitvitskiy fotobanka in the EU. Archival photoThe European Union will take a formal decision to extend anti-Russian sanctions© RIA Novosti / Alexei Vitvitskiy the image Bank

The European Union on Wednesday without discussing plans to take a formal decision to extend for six months economic sanctions against Russia in force until the end of July 2017, reported RIA Novosti sources in the EU.

The President of the European Council Donald Tusk on June 22 reported that the heads of state and government of countries-members of EU at the summit took the political decision to extend existing economic sanctions against Russia for six months. Then was launched written procedure of formal confirmation of the decision not involving the conduct of meetings.

As reported by RIA Novosti the representative of the EU, who requested anonymity, said a decision is expected Wednesday around noon. Another source in the European institutions confirmed that a written procedure will end on Wednesday at noon. At its completion the Council of the EU intends to publish an official statement on the extension of restrictive measures.

Relations between Russia and the West deteriorated in connection with the situation in Crimea and Ukraine. At the end of July 2014, the EU and the USA from the point of sanctions against certain individuals and companies have moved to measures against entire sectors of the Russian economy. The EU summit in March 2015 linked the validity of economic sanctions with the full implementation «of the Minsk agreements».

In response to the adopted measures by the West, Russia has restricted food imports from countries that have imposed sanctions against her: USA, EU States, Canada, Australia and Norway. Moscow has repeatedly stated that he considers absurd to link sanctions with the implementation of the Minsk agreement on Ukraine, as Russia is not a party to domestic conflict and the subject of the agreements on the settlement. Also Moscow has repeatedly said that talking to Russia in language of sanctions counterproductive.

Economic sanctions of EU against Russia were introduced on 1 August 2014, in September the same year, they were enlarged. The restrictive measures include an embargo on new contracts for import and export from the EU to Russia of weapons and goods and technologies of dual purpose. The sanctions hit Russian banks and oil industry of the Russian Federation. European investors are forbidden to issue new loans of the five largest financial institutions — Sberbank, VTB, Gazprombank, Rosselkhozbank and Vnesheconombank — for more than 30 days, and also to buy the stock and bonds of the new releases with a maturity of more than 30 days.

In the framework of the measures limited access to EU capital markets to a number of Russian companies, including «Rosneft», «Transneft» and «Gazprom Neft». In addition, prohibited the supply of equipment and services for deepwater exploration and production of oil, work in the Arctic and at shale oil deposits in Russia. The EU has also adopted sanctions against the defense sector of the Russian Federation banned European companies to supply dual-use products to nine Russian enterprises.

In addition to the economic sanctions the EU imposed restrictive measures against Crimea, banning investments in the economy of the Peninsula, as well as individual sanctions against citizens and legal entities of Russia and Ukraine, including against Russian officials. the Restrictive measures against the Crimea were renewed annually and are valid until 23 June 2018. Individual sanctions expire September 15, 2017, it shall be extended every six months.

The European Union will take a formal decision to extend anti-Russian sanctions© RIA Novosti, Infografiken sanctions against Russia and retaliatory measures