The European Union has published a law that will curb arms sales to Russia and to cut off financing for five major Russian banks over Moscow's support for rebels in Ukraine. Russia has denounced the measures, agreed by the 28 EU member states on July 31, as "destructive and short-sighted", while fighting has intensified in eastern Ukraine between Kyiv forces and the pro-Russian separatists.
Russia's War Against Ukraine
Reuters: EU adopts toughest Russian sanctions yet, targets five Russian banks
The law lists five targeted banks - Russia's largest lender Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB) and Russian Agriculture Bank (Rosselkhozbank). The toughest measures aim to prevent Russian banks from raising money on Western capital markets, while others limit defence sales and the export of hi-tech equipment for the oil sector.
