FXStreet (Łódź) - Jim Reid from Deutsche Bank remarks that the EU should announce the widening of economic sanctions against Russia later today or tomorrow.

Key quotes

“Reports continue to filter through suggesting that the EU is putting the finishing touches on sectorwide sanctions targeting Russia’s state-owned banks and restricting exports of sensitive technology used in oil production.”

“Russia’s ITAR-TASS news agency writes that two decisions are to be taken today.”

“Firstly, the EU ambassadors will either speak out in support of the whole package of sanctions or hand it over to the European Commission for finalization. Secondly, the ambassadors will decide on whether the sanctions can be introduced by a formal written procedure or whether this will require a new EU summit.”

“If they choose the written option, the relevant measures can then be brought in as early as next week (ITAR-TASS).”

“Speaking ahead of today’s meeting, UK PM David Cameron said he and fellow European leaders have agreed that ‘strong’ economic sanctions should be imposed on Russia as soon as possible.”

“Mr Cameron said he and his French, German and Italian counterparts had agreed on the need for further action against Moscow in a conference call with US president Barack Obama (BBC) that was held on Monday.”

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