11:49 17.07.2014

EU shows support for Ukraine by taking new measures against Russia - Poroshenko

2 min read
EU shows support for Ukraine by taking new measures against Russia - Poroshenko

Ukrainian President Petro Poroshenko has said that the European Council, after approving six new measures related to the Ukrainian crisis and Russia's annexation of Crimea, has taken an important step to support Ukraine's independence and territorial integrity.

"Europe is showing solidarity with Ukraine. The European Council has taken an important step in support of Ukraine's sovereignty, territorial integrity and independence. Our ongoing dialogue has produced a result," Poroshenko wrote on his page on Twitter early on Thursday.

He also added: "We are waiting for a European Parliament resolution."

As reported, early on July 17, the heads of state and government of the EU countries restricted international funding for projects in Russia and Crimea by adopting six new measures related to the crisis in Ukraine and Russia's annexation of Crimea.

First, the EU expanded the restrictive measures, with a view to targeting entities, so not only individuals, as it did until now, but entities "that are materially or financially supporting actions undermining or threatening Ukrainian sovereignty, territorial integrity and independence." As an extra element, the European Council was asked to consider possibly targeting individuals or entities who actively provide material or financial support to the Russian decision-makers responsible for the annexation of Crimea or the destabilization of eastern Ukraine.

Second, it was decided to put a brake on European public money flowing into Russia. The EU leaders requested the European Investment Bank to suspend new financing operations of public sector projects in Russia.

Third, the EU countries will coordinate their positions within the European Bank for Reconstruction and Development with the same intention.

Fourth: the European Commission will re-assess bilateral EU-Russia cooperation programs, on a case by case basis, with a view to suspending them. The projects dealing exclusively with civil society and cross border cooperation will be maintained.

The fifth measure is specifically related to Crimea. Because of its illegal annexation by Russia, the EU is restricting European investment in Crimea.

Sixth, the EU expects international financial institutions to refrain from financing projects that "explicitly or implicitly recognize the illegal annexation."

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