EU extends economic sanctions on Russia for another 6 months

BRUSSELS -- The Council of the European Union (EU) on Monday renewed its sweeping economic sanctions against Russia for another six months, extending the bloc's restrictive measures until July 31, 2026.

The sector-wide measures, first imposed in 2014, were significantly expanded after February 2022. The sanctions include broad restrictions on trade, finance, energy, technology and dual-use goods, industry, transport and luxury goods, according to a statement from the Council.

They also include a ban on importing or transferring seaborne crude oil and certain petroleum products from Russia to the EU, the removal of several Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, and the suspension of broadcasting activities and licenses in the bloc for several Russia-backed outlets accused of spreading disinformation. The EU has also adopted targeted steps aimed at preventing sanctions evasion, the statement said.

The EU said it would keep the measures in place as long as Russia's actions continue, and added it could impose additional steps if necessary.

The statement also reconfirmed the EU's commitment to providing continued support to Ukraine. Last week, the European Council approved a 90 billion-euro (about $105.4 billion) loan package to support Ukraine's military and economic needs over the next two years.