30 July 2014

EU Sanctions Against Russia Start to Bite, But Softly

EU governments agreed to impose tougher sanctions against Russia effective Friday, August 1. Sanctions include restricting Russia’s access to EU capital markets, a ban on importing oil exploration technologies (sparing for now the gas sector), and an arms embargo on future contracts (allowing France to go ahead with the Mistral carrier sale). The US announced the blacklisting of more Russian banks, excluding Sberbank, Russia’s largest.

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