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Sanctions noose tightens against Russia over Ukraine

29 July 2014, 20:17 CET
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Sanctions noose tightens against Russia over Ukraine

Vladimir Putin - Photo EC

(BRUSSELS) - The European Union on Tuesday stepped up sanctions against Russia and pro-Moscow separatists in Ukraine, following the United States in imposing broad economic punitive measures.

The decision by the 28-member bloc to tighten existing sanctions came after a Malaysia Airlines jet crashed on July 17 in eastern Ukraine, killing 298 people, mainly Dutch citizens, in what is suspected to be an attack by separatists with a Russian-made surface-to-air missile.

The move by EU ambassadors came as the White House said it is planning additional sanctions and could unveil them later in the day.

Here is a rundown of sanctions currently in effect.

- FINANCIAL SANCTIONS AND VISA RESTRICTIONS

Several dozen Russian and pro-Russian Ukrainian figures have had foreign assets frozen and/or been denied visas to travel to some foreign countries.

A US list comprises more than 50 names, including senior Russian officials such as deputy prime minister Dmitry Rogozin, upper house of parliament speaker Valentina Matviyenko, and chairman of the state-owned oil giant Rosneft, Igor Sechin.

The EU list contains 91 names, including key separatist leaders in eastern Ukraine and Russian intelligence service chiefs and since Tuesday four Russian oligarchs, the first time that the EU has targeted business leaders close to the Kremlin.

Canada has placed 43 Russians and 40 Ukrainians on its own black list, while Japan has decided to specifically refuse visas to 23 Russian citizens.

- SANCTIONS AGAINST ENTITIES

The US has sanctioned several major state-owned Russian companies, including oil company Rosneft, the banking arm of gas giant Gazprom (Gazprombank), and the VEB bank. Russian Prime Minister Dmitry Medvedev is a VEB director.

The EU has targeted 23 entities, including several militias and illegal armed groups. Also on the EU list are companies based in Crimea, which Russia annexed in March.

- DIPLOMATIC SANCTIONS

Following Russia's annexation of Crimea in March, Western leaders suspended Russia's membership in the Group of Eight highly-industrialised countries, and to cancel a G8 summit scheduled to take place in Sochi in June.

The EU also suspended talks with Russia on how to mutually ease visa policies.

Japan did the same, and postponed discussions on a new economic and investment agreement with Russia.

- ECONOMIC SANCTIONS

The new measures adopted by the EU on Tuesday imposed restrictions on finance, defence and energy sectors. They limited access to European financial markets for Russian state-owned banks.

The US is reviewing conditions for the approval of export licenses to Russia of dual-use high technology equipment that could serve military aims.

On July 16, the EU agreed to suspend new investments in Russia by the European Investment Bank (EIB) and the European Bank of Reconstruction and Development (EBRD).

- MILITARY SANCTIONS

The EU on Tuesday banned arms sales to Russia.

The US decided on March 3 to suspend military cooperation with Russia.

On April 1, NATO's 28 member countries opted for a suspension of military and civilian cooperation with Russia, but excluded certain programmes that involved Afghanistan and the fight against drug trafficking.


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