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EU Threatens Russia with More Sanctions

Published: September 1, 2014 (Issue # 1826)



  • Ukrainian President Petro Poroshenko, right, talks with German Chancellor Angela Merkel Saturday during an European People's Party summit ahead of the EU summit in Brussels.
    Photo: Yves Logghe / AP

BRUSSELS — Despite tough rhetoric decrying Russia's increasing military involvement in Ukraine, European Union leaders on Sunday stopped short of imposing new sanctions against Moscow right away.

Instead, the 28-nation bloc's heads of state and government tasked their executive body to "urgently" prepare tougher economic sanctions that could be adopted within a week, according to EU summit chairman Herman Van Rompuy.

The decision on new sanctions will depend on the evolution of the situation on the ground but "everybody is fully aware that we have to act quickly," he added. The EU leaders call on Russia to "immediately withdraw all its military assets and forces from Ukraine," they said in a joint statement.

NATO said this week that at least 1,000 Russian soldiers are in Ukraine. Russia denies that. NATO also says Russia has amassed some 20,000 troops just across Ukraine's eastern border, which could rapidly carry out a full-scale invasion.

The fighting between the military and Russian-backed separatists in eastern Ukraine has so far claimed 2,600 lives, according to U.N. figures.

The U.S. and the EU have so far imposed sanctions against dozens of Russian officials, several companies as well as the country's financial and arms industry. Moscow has retaliated by banning food imports.

German Chancellor Angela Merkel said the new sanctions would target the same sectors as previous punitive measures, which also included an export ban for some high technology and oil exploration equipment.

"If Russia continues to escalate the crisis it will come with a high cost," said EU Commission President Jose Manuel Barroso. "It's time for everyone to get down to the business of peace-making. It is not too late, but time is quickly running out," he said.

Several European leaders had called for additional sanctions at the outset of the meeting in Brussels, but the fear of an economic backlash apparently prevailed and led the bloc to grant Russia another chance at avoiding tougher action. New sanctions would have required unanimity among the leaders.

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ALL ABOUT TOWN

Monday, Nov. 24


Dr. Axel Schulte, Department Head at Fraunhofer Institute for Material Flow and Logistics in Dortmund, Germany, is the featured speaker at the SPIBA Industrial Committee lecture on “The Fourth Industrial Revolution: Digitalization of the Supply Chain.” The event begins at 4 p.m. at the Graduate School of Management at 3 Volkohvsky Pereulok and registration is required by Nov. 21 either by emailing office@spiba.ru or calling 325 9091.



Tuesday, Nov. 25


Tag along with AmCham during their “Industrial St. Petersburg” Tour program today. This incarnation of the ongoing series will visit Philip Morris Izhora and include an Environmental Health and Safety Committee meeting.


Find out how to expand your business east during the “Business With China” forum beginning today and concluding tomorrow at the Lenexpo convention center. The largest Russian forum dedicated to business with the Asian giant, topics that will be discussed include logistics, customs clearance, trade financing and many more.



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