The European Council has decided to extend economic sanctions against Russia for another six months, targeting specific sectors of the country's economy. The sanctions, which have been in place since 2014, are a continuation of measures taken in response to Russia's destabilization of the situation in Ukraine. They were later expanded in February 2022 in light of Russia's unprovoked and unjustified military aggression against Ukraine.
According to a press release, the sanction regime will remain in effect until January 31, 2024. The extended measures encompass a range of sectors, including trade and finance, technology and dual-use goods, industry, transportation, and luxury items such as yachts and villas.
