BRUSSELS, July 31 (RIA Novosti) - The European Council has given its final approval to economic sanctions against Russia, the council said in a statement Thursday.
“The Council today adopted EU restrictive measures in view of Russia’s actions destabilising the situation in eastern Ukraine. This decision gives legal value to an agreement reached at the Committee of Permanent Representatives on Tuesday 29 July," the statement reads.
The text of the documents is to be published in the EU Official Journal later on Thursday and go into effect on Friday, August 1.
On Tuesday, the European Union agreed on a new set of economic sanctions against Russia over the Ukrainian crisis, which limit Russian state-owned financial institutions’ access to EU capital markets, impose an embargo on trade in arms, establish an export ban for dual-use goods for military end users, and curtail Russian access to sensitive technologies, particularly in the oil sector.
“The measures will apply to new contracts,” the communique says.
The European Union did not go as far as limiting oil and gas imports from Russia, as it would seriously hurt European economy.
The European Commission Wednesday published the names of eight individuals and three additional Russian entities targeted by sanctions over their alleged roles in the escalation of the Ukrainian crisis.
The first round of sanctions against Russia was implemented by the United States and the European Union back in March as a response to Crimea’s reunification with Russia following a referendum.
The new addition brings the number of individuals and entities under EU restrictions to 95 people and 23 entities.
Moscow has repeatedly said that these measures are counterproductive and called the sanctions “a road to nowhere."