At European Union Summit in Brussels the leaders unanimously endorsed the prolongation of the economic sanctions against Russia for its actions against Ukraine for another six months with the official rollover expected next week.
The sanctions, mainly targeting the Russian banking and energy sectors, were first imposed in the summer of 2014 in aftermath of Maidan revolution in Ukraine and have been extended every six months since then.
“EU unanimously prolongs economic sanctions against Russia given zero progress in implementation of Minsk agreements,” European Council President Donald Tusk wrote in his Twitter micro blog referring to peace accords brokered by Germany and France in the Minsk, Belarus capital, aiming to end ongoing armed conflict in eastern Ukraine.
‘In a short term, the impact of oil prices is much more important for Russia than any sanctions,” said Sergey Khestanov (Сергей Хестанов), a professor at the Russian Presidential Academy of National Economy and Public Administration (RANEPA) . Oil income makes up 40% of federal budget revenues and is trading at its highest level in more than four years.