EU Prolongs Energy Sanctions Against Russia to 2018

• EU Prolongs Energy Sanctions Against Russia to 2018

The EU has again prolonged energy, financial and other economic sanctions against Russia for its role in the conflict in Ukraine, this time to January 31, 2018, the EU Council said Wednesday.

The EU imposed energy sanctions in July 2014 when it limited Russia’s access to European technology and services for developing Arctic, deepwater and unconventional oil resources, according to Platts.

In September, it expanded these to target Russia’s largest oil producer Rosneft, Gazprom’s oil subsidiary Gazprom Neft, and national pipeline operator Transneft, restricting the companies’ access to EU capital markets.

EU sanctions normally expire after a year, and can be reviewed and changed at any time if all 28 EU countries agree.

EU leaders decided in March 2015 to keep the sanctions in place until the Minsk peace deal to resolve the conflict is implemented fully.

This had been expected by the end of 2015, but has not yet happened.