Minsk Agreement Sanctions
On August 8, 2014, Australian Prime Minister Tony Abbott announced that Australia was “moving towards tougher sanctions” against Russia, which will be implemented in the coming weeks.   On 18 December 2014, the EU banned certain investments in Crimea, suspended support for Russian oil and gas exploration in the Black Sea and prevented European companies from buying real estate or businesses in Crimea or offering tourism services.  On December 19, 2014, U.S. President Obama imposed sanctions on Russian-occupied Crimea by executive order prohibiting the export of U.S. goods and services to the region.  Sanctions imposed by Russia and Russia have slowed trade between Russia and the EU and have harmed the Russian and European economies. It is generally accepted that economic sanctions have contributed to some weakening of the Russian economy and worsening the challenges facing Russia. On August 2, 2019, the U.S. State Department announced additional sanctions, along with an enforcement decision signed by President Trump, which gives the U.S. Treasury and Commerce Department the power to implement sanctions. Sanctions prohibit the granting of Russian credit or other aid to international financial institutions, a ban on US banks buying ruble-free bonds issued by Russia after 26 August, the granting of loans on non-ruble funds to Russia, and restrictions on licences for the export of objects for the reasons of chemical and biological weapons proliferation.
 In August 2015, the British think tank Bow Group published a report on sanctions calling for the withdrawal. According to the report, the sanctions “have had negative consequences for European and American companies, and if they are extended… they can have even more harmful effects in the future”; the potential cost of sanctions to Western countries has been estimated at more than $700 billion.  On 12 August 2014, Norway adopted the enhanced sanctions against Russia imposed by the EU and the United States on 12 August 2014. Although Norway is not part of the EU, Norwegian Foreign Minister Bérge Brende said it would impose restrictions similar to those imposed by the EU on 1 August. Russian state-run banks are prohibited from borrowing in the long and medium term, arms exports will be banned and deliveries of equipment, technology and aid to the Russian oil sector will be banned.  The EU is extending economic sanctions by six months due to the Ukraine crisis.    German Economy Minister Sigmar Gabriel said the Ukraine crisis should be resolved through dialogue, not economic confrontation, and later added that the tightening of anti-Russian sanctions would lead to “an even more dangerous situation…
Europe.”  In February 2015, Exxon Mobil announced a loss of about $1 billion due to Russian sanctions.  From 2015, EU losses have been estimated at at least EUR 100 billion.  The German economy, which has about 30,000 jobs dependent on trade with the Russian Federation, has also indicated that it is seriously affected by the sanctions.  Sanctions have affected many sectors of the European market, including energy, agriculture and aviation.  In March 2016, mtk said Russian sanctions and falling prices had put farmers under pressure.