EU extends Russia sanctions over Crimea for a year

The European Union has extended sanctions against Russia for a year

The European Union has extended sanctions against Russia for a year

European Union foreign ministers said in a statement Monday that the 28-nation bloc "remains committed to fully implement its non-recognition policy" of Russia's seizure of Crimea and the city of Sevastopol.

The sanctions were adopted in 2014 in response to Russia's illegal annexation of the Ukrainian peninsula, and have since been extended on a yearly basis.

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In his post on Twitter, President Poroshenko wrote: "Welcome the decision of the EU Council to extend the "Crimea package" of sanctions for 12 months.Price for attempted annexation must rise".

Crimea declared independence from Ukraine on March 17, 2014 and formally applied to become part of Russian Federation following a referendum, in which the majority of people voted to separate from Ukraine and reunite with Russian Federation. They are prohibited to import products from Crimea or Sevastopol into the European Union territory, as well as to invest in the region, in particular, to acquire real estates or finance local enterprises, and supply related services.

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Crimea is also subject to the ban on the export of goods and technologies in the field of transport, telecommunications, energy, oil production and refining and mineral resources production and any technical services operating in these sectors.

The EU, however, considers the development as an illegal "annexation" and has imposed a raft of economic sanctions on Russian Federation.

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