The EU Council extended the economic sanctions imposed on the Russian Federation due to its invasion of Ukraine until July 31, 2024.
The sanctions cover a wide range of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport, and luxury goods. They include, among other things, a ban on the import or transfer of marine crude oil and certain petroleum products from the Russian Federation to the EU, the disconnection of several Russian banks from SWIFT, and the suspension of broadcasts and licenses of Kremlin-backed disinformation channels.
In addition, the European Council introduced measures to strengthen the EU’s ability to counter sanctions circumvention. As reported earlier, the EU is preparing another package of sanctions against the Russian Federation and will introduce it before the second anniversary of the invasion on February 24.