Europe Extends Russian Sanctions

The continuing conflict in eastern Ukraine prompted the European Council decision to prolong economic sanctions against Russia by six months to January 31.

The trade ban cuts Russia off from European funding sources, blocks arms trading, and restricts access to oil drilling technology. The sanctions aren’t expected to be lifted until the Minsk peace agreement — designed to end fighting in Ukraine — is completely implemented ,travel bans and asset freezes are also in place for certain Russian individuals and companies until September.

The move foreshadows more pain for Russia’s economy which has suffered under the weight of sanctions imposed by the U.S. and Europe last year.

In April, the country’s Prime Minister Dmitry Medvedev estimated that the total cost of the Western sanctions was just over $100 billion.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza