EU sanctions on Russia begin

August 01, 2014 - 1:51:48 am

BRUSSELS:  The European Union (EU) adopted sanctions yesterday curbing arms sales to Russia and cutting off financing for targeted banks over Moscow’s support for rebels in Ukraine.

Russia has denounced the measures, agreed by the 28 EU member states on Tuesday, as “destructive and short-sighted”, while fighting has intensified in eastern Ukraine between Kiev forces and the pro-Russian separatists. EU officials say the sanctions aim to inflict maximum pain on Russia and minimum pain on the EU. “We will for sure have an effect and a very substantial and concrete effect on Russia,” one EU official said. The measures aim to prevent Russian banks from raising money on Western capital markets, and limit defence sales and the export of hi-tech equipment for the oil sector. The sanctions take effect from today.