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Russia warns EU sanctions will backfire

Staff writer |
Russia said that the latest sanctions of the European Union (EU) against Russia run counter to rules of the World Trade Organization (WTO) and will have adverse effects on EU countries.

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"The restrictive measures in the financial sphere will also have negative consequences for the EU members' banks operating in Russia," the ministry said in a statement, adding that the sectorial sanctions run counter to the WTO rules.

The EU has agreed on a package of "significant" additional restrictive measures targeting Russia's finance, defense and energy sectors, said the European Council on Tuesday.

The tougher sanctions will limit access of Russian state-owned financial institutions to EU capital markets, impose an arms embargo, establish an export ban on dual-use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector.

The Russian ministry accused the EU of being manipulated by " Washington's dictation," warning that the bloc should get ready for serious economic costs of "doubtful geopolitical schemes." " Moscow is disappointed by the EU inability to play an independent role in global affairs," it said.

"The EU voluntarily creates obstacles for further cooperation with Russia in such a key sphere as energy, which is a thoughtless, irresponsible step. It will be the European energy market that pays the price," it said.

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