EU Aims at Russian Banks, Technology in Widest Sanctions The European Union curbed Russia’s access to bank financing and advanced technology in its widest-ranging sanctions yet over President Vladimir Putin’s backing of the rebels in eastern Ukraine. EU governments agreed today in Brussels to bar state-owned banks from selling shares or bonds in Europe and restricted the export of equipment to modernize the oil industry, a key prop for Russia’s economy, the EU said in a statement. New contracts to sell arms to Russia and the export of machinery, electronics and other civilian products with military uses will also be banned. “The political implications of the escalation in tensions are likely to cast a further chill over relations between Russia and the West,” Citigroup Inc. (C) analysts including Eric Lee and Tina Fordham said in a note to clients before the EU decision. “Economic costs are starting to bite, but it could be a while before the economic consequences bear domestic political costs for Russia.” Related: U.S., EU Ready New Russsian Sanctions as Fighting Rages Germany Inc. Says Time’s Finally Up for Putin After Crash BP Warns More Sanctions May Hurt Business as Profit Rises President Barack Obama will speak on the situation in Ukraine at 2:50 p.m. in [...] ilinnews/eu-aims-at-russian-banks-technology-in-widest-sanctions/
Posted on: Wed, 30 Jul 2014 10:01:41 +0000
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