EU to slap new sanctions on Russia

BRUSSELS // The European Union has decided to impose new economic sanctions on Russia over its actions in Ukraine.

The sanctions will further curb access to European capital markets for Russian firms and banks, limit exports of certain high-technology goods and impose travel bans and asset freezes on officials, diplomats in Brussels said on Thursday.

The sanctions will take effect on Friday following their publication in the EU’s official journal. However, they will be reversible if the situation in eastern Ukraine improves, diplomats said.

A summit of EU leaders two weeks ago called for the new sanctions to be finalised, but they were then twice postponed to assess the impact of a ceasefire in eastern Ukraine.

The United States previously said it was also considering new sanctions once the EU moves forward, and could now do so as early as Thursday.

The new sanctions are expected to deepen earlier penalties targeting Russia’s oil and arms sectors, including a further tightening of access to international capital markets. Curbing access to western capital markets could weigh down Russia’s already-flagging economic growth.

More individuals, including Russian government officials and people close to Russian president Vladimir Putin, are also expected to be sanctioned.

* Associated Press