The European Council has stated that it has decided to prolong the sanctions targeting specific sectors of the economy of Russia by six months until January 2023, due to Russia’s military aggression against Ukraine.
The sanctions consist of restrictions on finance, energy, technology, industry, transport and luxury goods. These sanctions, which were first introduced in 2014 in response to Russia’s actions destabilizing the situation in Ukraine, were expanded in February 2022 after Russia’s invasion of Ukraine.
Meanwhile, the EU remains committed to continue bolstering Ukraine’s ability to defend its territorial integrity and sovereignty. In June this year, the EU lifted all antidumping duties and safeguard measures on Ukrainian products, adopting a regulation allowing for trade liberalization and other trade concessions with regard to certain Ukrainian products for one year, as SteelOrbis previously reported.