EU Passes New Sanctions on Russia Over Ukraine Crisis

Local Editor

European Union [EU] member states have formally adopted new sanctions on Russia over the Ukraine crisis on Monday.

The new measures include restrictions on large Russian state-owned oil companies raising money on European financial markets.

The gas sector is not affected by the latest sanctions. However, major state-owned oil firms are included, such as Rosneft, which is already targeted by US measures.

The new measures will come into effect "in the next few days," not on Tuesday as some had expected.

The 28-member bloc, meanwhile, is being deliberately vague about when they will come into force, to allow time to assess the implementation of a ceasefire agreed on Friday.

EU Council President Herman van Rompuy said the measures were aimed at "promoting a change of course in Russia's actions destabilizing eastern Ukraine."

"Depending on the situation on the ground, the EU stands ready to review the agreed sanctions in whole or in part," van Rompuy said.

Russia has warned that it could block international flights through its airspace if the EU goes ahead with new measures.

Source: News Agencies, Edited by website team