AIRLINK 193.56 Decreased By ▼ -1.27 (-0.65%)
BOP 9.95 Increased By ▲ 0.14 (1.43%)
CNERGY 7.93 Increased By ▲ 0.57 (7.74%)
FCCL 40.65 Increased By ▲ 2.07 (5.37%)
FFL 16.86 Increased By ▲ 0.41 (2.49%)
FLYNG 27.75 Increased By ▲ 0.21 (0.76%)
HUBC 132.58 Increased By ▲ 0.83 (0.63%)
HUMNL 13.89 Increased By ▲ 0.03 (0.22%)
KEL 4.60 Decreased By ▼ -0.06 (-1.29%)
KOSM 6.62 Decreased By ▼ -0.04 (-0.6%)
MLCF 47.60 Increased By ▲ 2.21 (4.87%)
OGDC 213.91 Decreased By ▼ -0.08 (-0.04%)
PACE 6.93 Increased By ▲ 0.07 (1.02%)
PAEL 41.24 Increased By ▲ 1.18 (2.95%)
PIAHCLA 17.15 Increased By ▲ 0.36 (2.14%)
PIBTL 8.41 Increased By ▲ 0.09 (1.08%)
POWER 9.64 Increased By ▲ 0.21 (2.23%)
PPL 182.35 Increased By ▲ 0.16 (0.09%)
PRL 41.96 Increased By ▲ 0.13 (0.31%)
PTC 24.90 Increased By ▲ 0.34 (1.38%)
SEARL 106.84 Increased By ▲ 4.31 (4.2%)
SILK 0.99 Decreased By ▼ -0.01 (-1%)
SSGC 40.10 Increased By ▲ 0.66 (1.67%)
SYM 17.47 Increased By ▲ 0.14 (0.81%)
TELE 8.84 Increased By ▲ 0.08 (0.91%)
TPLP 12.75 No Change ▼ 0.00 (0%)
TRG 66.95 Increased By ▲ 1.55 (2.37%)
WAVESAPP 11.33 Increased By ▲ 0.22 (1.98%)
WTL 1.79 Increased By ▲ 0.09 (5.29%)
YOUW 4.07 Increased By ▲ 0.13 (3.3%)
BR100 12,045 Increased By 70.8 (0.59%)
BR30 36,580 Increased By 433.6 (1.2%)
KSE100 114,038 Increased By 594.4 (0.52%)
KSE30 35,794 Increased By 159 (0.45%)

imageBRUSSELS: The European Union failed to reach agreement on when the latest economic sanctions against Russia should be implemented and will meet again Thursday for more talks, a diplomatic source said.

The 28 member state ambassadors to the EU will "continue today's discussion on the restrictive measures, allowing for further assessment of the situation on the ground and additional consultations," the source said.

An EU summit agreed late last month on the need for another package of tough economic sanctions after Russia allegedly sent troops and heavy equipment into eastern Ukraine to support pro-Moscow rebels there.

The sanctions were finalised last Friday but on the same day Kiev and Moscow agreed a ceasefire and peace plan, forcing a rethink of when the measures should best be introduced.

The 28 ambassadors agreed Monday on implementing the package but with the caveat that it be linked to the ceasefire and only introduced "in a few days," rather than immediately as had been expected at first.

Amid confusion about what that meant in practice and with some member states apparently preferring to wait and see rather than introduce the sanctions straight away, the ambassadors decided to meet Wednesday but without result.

Another diplomatic source said it was possible Thursday's meeting would agree to go ahead with publication of the measures on Friday in the EU's Official Journal, the legal step which brings them into effect.

The sanctions could "then be progressively lifted depending on developments on the ground," the source said.

Another source said there was a discussion over timing but whatever the outcome, Friday was now the deadline.

Some EU member states with important trade with Russia have been reluctant to impose sanctions, fearful of Moscow's response, but came around after the shooting down of Malaysia Airlines flight MH17 over rebel-held territory.

German Chancellor Angela Merkel called earlier Wednesday for the sanctions to be introduced quickly as they could always be lifted if the ceasefire holds.

Ukrainian President Petro Poroshenko said Russia had withdrawn the bulk of its forces from the country and that the ceasefire had dramatically improved security.

'Unity comes first':

Federica Mogherini, the Italian foreign minister and incoming EU foreign affairs chief, said Wednesday the most important thing was that the EU remain united on the sanctions package or else it could strengthen Moscow.

Asked when the sanctions should be brought into force, Mogherini said "it is first wise to find unity on timing".

"If we do not stand united... this is going to be our weakness and Russia's strength," she told a seminar, adding that Italy's role, as current holder of the EU's rotating presidency, was to "find consensus."

There was "a debate going on what is the (best) time" to impose the sanctions given that the Ukraine ceasefire appeared to be holding, Mogherini said.

The EU did not want to give a "contradictory signal" which could undermine peace efforts, she added, noting that some member states wanted to take the issue back up to EU leaders in an effort to get agreement.

Diplomats say the sanctions will likely limit access to financial markets by Russian oil companies such as Rosneft and Transneft plus the petroleum unit of gas giant Gazprom.

They cover the same four areas as previous measures adopted in July capital markets, defence, dual-use goods with both military and civilian capabilities, and oil technology, they added.

Comments

Comments are closed.