Russian embargo prolonged for another 6 months | RetailDetail

Russian embargo prolonged for another 6 months

Russian embargo prolonged for another 6 months

The European Union has prolonged its Russian economic embargo for another 6 months, until the end of July 2016 because of the continued tension between Russia and Ukraine. Russia on the other hand has issued a food embargo on Ukraine.

Free trade zone in the former Soviet area

The sanctions against Russia had been issued in July 2014, after Russia meddled in the civil war in Eastern Ukraine. The country countered with a boycott of European agricultural products.

 

These sanctions will now be prolonged for another 6 months as there is still no long-term solution for the Ukrainian conflict. There is a truce right now, but that is merely a temporary solution.

 

Russia will enforce a Ukrainian food product import ban starting 1 January 2016 and has also eliminated Ukraine from its free trade agreement with other former Soviet republics. The country hopes it can strengthen its position and influence across the region thanks to this free trade zone.

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