The US and the European Union have imposed stricter sanctions against Russia for its involvement in the Ukraine crisis.
However, they hinted that the sanctions could be rolled back later if Russia by commitments to seek a negotiated settlement to the conflict.
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Under the sanctions, published in the EU’s official journal, Russian companies will be prevented from raising long-term debt on European capital markets.
Also, western banks and individuals will be limited to purchasing short-term debt with a maturity of 30 days from five Russian financial firms.
Banks affected by the new economic restrictions include Sberbank, Gazprombank and Rosselkhozbank.
The sanctions also limit western funding to Russian defense and energy companies.
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By GlobalDataThe latest sanctions also target Russian’s defence contractors, and include travel bans on 24 new individuals.
Responding to the sanctions announcement, Russia’s foreign ministry said the approval of the new EU penalties showed the European Union had "made its choice against" the current peace road map aimed at ending the worst confrontation between Moscow and the West since the Cold War.
