EU and Russia both extend economic sanctions

BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/26

​The EU voted on Monday (June 22) to keep economic sanctions against Russia in place through January 2016. These sanctions were imposed last August and expanded in September. Capital market sanctions restrict financing of over 30 days to certain large Russian banks as well as energy and defence companies. Arms trade with Russia is forbidden, along with restrictions on exports of dual-use products and products and services for oil exploration and production.

On Wednesday (June 24), Putin responded with a decree maintaining Russia’s import bans until August 6, 2016. Last August, Russia banned the imports of many food items from the EU, Norway, the US, Canada and Australia. The list of banned products published after the extension had only minor changes compared to the one in effect currently.  

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