EU decides to slap new economic sanctions on Russia: diplomatsSeptember 11, 2014 - 16:31 AMT PanARMENIAN.Net - The European Union has decided to slap new economic sanctions on Russia over its actions in Ukraine, diplomats said Thursday, Sept 11, according to the Associated Press. The sanctions will further curb access to European capital markets for Russian firms and banks, limit exports of certain high-technology goods and target several officials with travel bans and asset freezes, the AP quoted diplomats in Brussels as saying. The sanctions will take effect Friday following their publication in the EU's official journal but will be reversible if the situation in eastern Ukraine improves, four diplomats said independently. They spoke on condition of anonymity pending the official announcement. A summit of EU leaders almost two weeks ago called for the new sanctions to be finalized, but they were then twice postponed to assess the impact of a cease-fire in eastern Ukraine. The United States previously said it was also considering new sanctions once the EU moves forward, and could now take that step as early as Thursday. The new sanctions are expected to deepen earlier penalties targeting Russia's oil and arms sectors, including a further tightening of access to international capital markets. The current ban on credits and loans to Russian entities with a maturity of more than 90 days will be reduced to 30 days, two diplomats said. Curbing access to western capital markets could weigh down Russia's already-flagging economic growth. More individuals, including Russian government officials and people close to Russian President Vladimir Putin, are also expected to be sanctioned. Russia's benchmark MICEX, which was rising on Thursday morning and early afternoon, declined 0.7 percent on the news. The Russian ruble fell to an all-time low of 37.51 rubles against the U.S. dollar. Brussels has been more reluctant than Washington to sanction Russia because of its broad economic ties. Moscow is an important gas supplier for many EU nations and it is the bloc's third-largest trading partner overall. The EU's sanctions, however, have more impact than those imposed by the U.S. since the EU is Russia's largest trading partner by far. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. Armenia says ready to extend nuclear plant’s lifetime by 10 years Armenia has taken necessary measures to extend the lifetime of its nuclear power plant until 2036. Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. |