The European Union (EU) has agreed a package of additional restrictive measures against Russia, targeting the country’s oil sector, over its involvement in the Ukraine crisis.
The restrictive measures will reduce Russian access to certain sensitive technologies that can be used for oil production and exploration.
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The package reinforces the measures already adopted by the EU since March 2014 on the situation in Ukraine and the illegal annexation of Crimea.
EU president Herman Van Rompuy and European Commission (EC) president Jose Manuel Barroso jointly said: "The package of new restrictive measures agreed today by the EU constitutes a powerful signal to the leaders of the Russian Federation: destabilising Ukraine, or any other Eastern European neighbouring state, will bring heavy costs to its economy."
The EU said it will reverse its decisions and reengage with Russia if the country starts contributing actively and without ambiguities to find a solution for the Ukrainian crisis.
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The US and EU have imposed targeted sanctions against various Russian officials and firms in response to the annexation of Crimea.
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By GlobalDataThe US has agreed to block the exports of specific goods and technologies to the Russian energy sector.
