An arms embargo will only apply to future contracts (Photo: Peer.Gynt)

EU to hit Russia with economic sanctions next week

The European Commission is preparing legislative on four types of economic sanctions likely to be imposed on Russia on Tuesday.

A meeting of EU ambassadors (Coreper) on Friday concluded that legal texts should be prepared for all four areas presented in a draft paper by the EU commission: restricting access to EU capital markets for Russian state-owned banks and companies, as well as banning trade in arms, sensitive technologies and goods that can be used both for civilian and military ...

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