SME Times News Bureau | 30 Jul, 2014
The European Union (EU) has agreed a package of "significant" additional
restrictive measures targeting sectoral cooperation and exchanges with
Russia, the European Council said in a statement Tuesday.
These
decisions will limit access to EU capital markets for Russian
state-owned financial institutions, impose an embargo on trade in arms,
establish an export ban for dual-use goods for military end users,
reported Xinhua citing the statement.
The decisions will also curtail Russian access to sensitive technologies particularly in the field of the oil sector.
The
new package reinforces the recently expanded list of people and
entities "undermining Ukrainian territorial integrity and sovereignty",
it added.
It is meant as "a strong warning" and "a powerful
signal" to Russia that "destabilising Ukraine or any other Eastern
European neighbouring country will bring heavy costs to its economy".
The
EU also emphasised that it remains ready to "reverse" its decisions,
and reengage with Russia "when it starts contributing actively and
without ambiguities to finding a solution to the Ukrainian crisis".