When the sanctions were originally put in place two years ago, Russia put an embargo on food imports from the EU, which included dairy and pig-meat products. The measures originally imposed in July 2014 were reinforced in September 2014. They target certain exchanges with Russia in the financial, energy and defense sectors and in the area of dual-use goods.
The sanctions include prohibitions on
• Imports of products originating in Crimea or Sevastopol into the EU;
• Investment in Crimea or Sevastopol, meaning that no Europeans nor EU-based companies can buy real estate or entities in Crimea, finance Crimean companies or supply related services;
• Tourism services in Crimea or Sevastopol – in particular, European cruise ships cannot call at ports in the Crimean peninsula, except in case of emergency;
• Exports of certain goods and technologies to Crimean companies or for use in Crimea in the transport, telecommunications and energy sectors, and related to the prospecting, exploration and production of oil, gas and mineral resources; and technical assistance, brokering, construction or engineering services related to infrastructure in these sectors.
This is the second time in six months that the EU has extended its economic sanctions on Russia. In December of 2015, the council decided to prolong the sanctions until July 31, 2016. The newest extension comes as that date approaches.
Russian president Vladimir Putin said the European Union should “show flexibility” and consider the interests of EU investors who want to do business with Russia.
Source: Agriview