The European Union is extending economic sanctions against Russia by six months until the end of January 2021.

The heads of government of the member states agreed on Friday during their video summit, German Chancellor Angela Merkel reported afterwards. The penalties would expire at the end of July.

The sanctions were imposed in 2014 after the Russian annexation of Crimea and are linked to the Minsk peace plan, which is not being adhered to.

As usual, leaders were briefed on the state of affairs by Merkel and French President Macron.

Due to the sanctions, the European capital market is closed to many Russian banks and energy and defence companies. In addition, restrictions apply to exports of technologically sensitive goods.

Separate sanctions against Russia banning exports of products from Crimea to Europe were already extended earlier this week.

Certain investments are also taboo. The EU also runs sanctions against individuals and institutions involved in undermining Ukraine’s sovereignty.