New US and EU sanctions against Russia

At the end of July, the US and the EU escalated their respective sanctions regimes against Russia following the Kremlin’s intervention in the Crimea/Ukraine crisis, as well as recent issues pertaining to access to the MH17 crash site. By announcing broadly co-ordinated sanctions, European and US leaders have made an overt statement to Russia that such action will not be tolerated by the West.

The sanctions themselves focus mainly on Russia’s military, energy and financial sectors, with five of Russia’s largest banks, Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB) and Rosselkhozbank, now the subject of sanctions…

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