ADVERTISEMENTAfter the annexation of Crimea in March, the European Union has tried to influence Moscow with measures that it hopes will bring “heavy costs” to bear on its economy so that Russia will find itself “increasingly isolated by its own actions”.
Here is a summary of EU’s action:
March 17 the EU imposes the first travel bans and asset freezes against Russian and Crimean officials - March 18 Members of Russian State Duma, the lower house of parliament, volunteer to be added to this list. - March 20 EU extends the list of travel bans and asset freezes - March 24 Russia is dropped from the G8. Instead, the group of leading economies holds a G7 meeting in Brussels
April 28
More prominent Russian businessmen and women are banned from entering the 28 states of the EU. Russia says its response will be “painful”
- June 25
EU bans all goods originating: from Crimea and Sevastopol
- July 31
European Union gets tough: and ramps up the pressure:
EU nationals are no longer allowed to buy or sell bonds and equities of major state-owned Russian banks
An embargo is placed on import and export of arms to and from Russia
Restrictions are put on export licenses for deep-water oil exploration and production, arctic oil exploration or production and shale oil projects
EU prohibits investment in Crimea and Sevastopol
Trade restrictions are placed on energy and defence firms
August 6
Russian president Vladimir Putin hits back:with ban on import of fruit, vegetables, meat, fish, milk and dairy goods from the United States, the European Union, Norway, Canada and Australia
- September 12
Latest sanctions: limit the ability of Russian firms to raise money in EU markets.
Rosneft, Transneft and Gazprom Neft, the oil branch of Gazprom, and three defence firms will have their access to capital markets in the EU restricted
Certain services necessary for oil drilling, exploration, deep sea and shale projects and services relating to the Russian Arctic will not be supplied
State-owned banks will be not be allowed borrow money for longer than one month and are restricted from accessing other financial services in the EU
More names added to list of those who are subject to visa bans and asset freezes – including members of Putin’s inner circle, such as Sergei Chemezov, chairman of defence firm Rostec, and Igor Lebedev, deputy speaker of the Russian lower house of parliament- bringing the number to 119
source : europa.eu