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    European Commission Proposes Sanctions Targeting Russian State-Owned Firms: Reports

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    The European Commission suggests limiting Russian state-owned companies' access to European capital markets, Reuters reported Tuesday citing unnamed diplomats.

    MOSCOW, September 2 (RIA Novosti) - The European Commission suggests limiting Russian state-owned companies' access to European capital markets, Reuters reported Tuesday citing unnamed diplomats.

    According to agency statements, the new economic sanctions against Russia, proposed by the European commission, include limiting the access of Russian state corporations to European capital markets and reducing the minimum maturity of Russian state-owned banks’ debt instruments that not cannot be sold in the EU to 30 days from the current 90. The European Commission also suggests considering a ban on buying Russian derivatives.

    As for the defense sector measures, the Commission suggests that the EU expands the export ban on military equipment to include the dual, military and civilian, use goods.

    Earlier on Tuesday, Italian Prime Minister and next EU High Representative on foreign and security policy Federica Mogherini announced that the European Union will make the final decision on sanctions against Russia on September 5.

    Relations between Russia and the West have deteriorated with the escalation of the Ukrainian crisis, as western governments imposed economic sanctions on Russia, accusing Moscow of aiding independence supporters in eastern regions of the country. Russia retaliated to the western sanctions by imposing a year-long ban of food imports from the European Union, the United States, Canada, Australia and Norway.

    In the last few weeks, the possible imposition of new sanctions has been widely discussed by European politicians and during the EU Summit in Brussels it was decided that the EU will come up with new sanctions within a week.

    On Monday Russian President Vladimir Putin expressed hope that common sense would prevail on Western sanctions. The same day, Russia’s Foreign Minister Sergei Lavrov said Russia would have to respond on the new Western restrictions, should they follow through with the sanctions.

    Tags:
    European Union, European Commission, military conflict, political crisis, military expansion, economy, sanctions, Federica Mogherini
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