EU Ready to Tighten Sanctions Against Russia

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The European Union (EU) has readiness to tighten sanctions against Russia, by extending its ban on investments in the Crimea.

The new measures will be directed towards limiting Russian explorations for natural oil and gas in the Black Sea, The Moscow Times reports.

In this way the EU is signalling that the West is not going to lift its sanctions against Russia, until Moscow drops its support for the rebels in the east of Ukraine.

It is expected that the newly-introduced sanctions are going to be announced at the meeting of the European Council that takes place on Thursday and Friday in Brussels.

In a similar fashion, the White House announced on Tuesday that US President Barack Obama will sign a new batch of sanctions against Russia.

The sanctions will ban EU citizens from buying or financing companies in Crimea, which shows the Union's firm stance against the annexation of the peninsula.

The EU has previously banned imports from Crimea and prohibited new investments in projects in transport, telecommunication and energy sectors, including oil and gas ventures.

The annexation of Crimea provided Russia with rich oil and gas deposits in the Black Sea.

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