EU Avoids Sanctions Against Russia’s Gas Sector

Posted: October 27, 2014 in Econ 101, Free Trade, Sanctions on Russia Meaningless, Technology and Energy

SOURCE: http://en.ria.ru/world/20140911/192851324/EU-Avoids-Sanctions-Against-Russias-Gas-Sector.html

EU Avoids Sanctions Against Russia’s Gas Sector
 19:20 11/09/2014
New EU restrictive measures will not affect Russia’s gas sector, a EU source said Thursday.

BRUSSELS, September 11 (RIA Novosti) – New EU restrictive measures will not affect Russia’s gas sector, a EU source said Thursday.

“The energy sector affected by these sanctions is limited to oil sector,” the source said.

The European Council earlier unveiled additional sanctions against Russia adopted by the 28-member European Union earlier this week.

According to an EC statement, the strengthened sanctions will affect Russia’s energy, finance and defense sectors, as well as 24 individuals allegedly “involved in actions against Ukraine’s territorial integrity,” including several Russian decision-makers and oligarchs.

The EC also said that as part of sanctions debt financing to three major Russian defense companies and three major energy companies had been prohibited, but did not specify the names of the affected entities.

Earlier today, President of the European Council Herman Van Rompuy confirmed that the new sanctions will come into force on Friday, September 12.

Over the last few months, the European Union, the United States and their partners have implemented several rounds of economic sanctions against Russia over its alleged participation in the Ukrainian conflict. Russia has repeatedly denied any involvement in the Ukrainian conflict and stressed that sanctions “threaten international peace and stability.”

In August, in response to the sanctions, Moscow imposed a year-long ban on the import of meat, seafood, fruit and vegetables, as well as milk products from the European Union, the United States, Canada, Australia and Norway.

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