European Union leaders agreed on June 18 to extend the bloc’s main economic sanctions against Russia for 12 months instead of the previous six-month period.
Until now, the sectoral restrictions imposed in connection with Russia’s war against Ukraine required formal renewal every six months.
The EU’s economic sanctions cover trade, the financial sector, energy, dual-use technologies, transactions with certain Russian financial institutions, and restrictions on seaborne imports of Russian oil.
The leaders’ agreement was formally implemented by the Council of the EU on June 25. The sanctions were extended for 12 months, until July 31, 2027.