US, EU levy sanctions on Russia despite cease-fire

[unhappycamper]

http://www.thenewstribune.com/2014/09/12/3376204/us-eu-levy-sanctions-on-russia.html?sp=/99/261/



FILE - In this March 4, 2014 file photo, a monument to Ukrainian poet and writer Taras Shevchenko is silhouetted against an apartment building with a sign advertising Russia's natural gas giant Gazprom, in Moscow, Russia. Unsatisfied with a fragile cease-fire in Ukraine, the United States and the European Union levied new sanctions Friday against major Russian banks and defense companies, as well as penalties aimed at curtailing Russia's ability to develop oil and gas projects. But the restrictions on Russia's energy sector were carefully crafted to avoid impacting the country's current production of oil and gas, a move that would raise global energy prices at time of weak economic growth. Russia is the largest oil exporter outside of OPEC and the most important supplier of natural gas to Europe.

US, EU levy sanctions on Russia despite cease-fire
By JULIE PACE and JONATHAN FAHEY
The Associated Press
September 12, 2014 Updated 28 minutes ago

WASHINGTON — Unsatisfied with a fragile cease-fire in Ukraine, the United States and the European Union levied new sanctions Friday against major Russian banks and defense companies, as well as penalties aimed at curtailing Russia's ability to develop oil and gas projects.

But the restrictions on Russia's energy sector were carefully crafted to avoid impacting the country's current production of oil and gas, a move that would raise global energy prices at time of weak economic growth. Russia is the largest oil exporter outside of OPEC and the most important supplier of natural gas to Europe.

The Western sanctions came one week after Ukraine and Russian-backed separatists signed a cease-fire aimed at ending a monthslong conflict. The agreement has been routinely violated, and U.S. officials say they are yet to see signs that Russia is implementing the deal in good faith.

If Russia and the separatists do follow through on the accord, U.S. and European officials say they could roll back this current round of penalties. But officials said that because Russia moved troops and weaponry into Ukraine in recent weeks, it was necessary to levy penalties now rather than wait to see what comes of the cease-fire. Russia denies having a role in the conflict.