BREAKING NEWS

EU Russia sanctions delayed

Now Reading:

EU Russia sanctions delayed

Text size Aa Aa

EU ambassadors are still mulling whether to slap sanctions on Russia.

They had been set to take effect on Tuesday, but some member states wanted to know how they could be suspended if the Ukraine ceasefire holds.

Moscow had warned of retaliation.

The measures plan to restrict the oil companies’ access to financial markets inside the EU.

So the likes of Gasprom Neft Rosneft and Transneft would not be able to sell bonds or borrow money.

The idea is that they’ll be forced to turn to the Russian state for help, further straining Moscow’s public finances.

Three military companies are also expected to be barred from borrowing money in Europe for longer than thirty days.