EU sanctions against Russia to come into effect Friday

The European Union (EU) has announced that the fresh sanctions aimed at Russia's financial and energy sectors will come into force Friday.

The EU sanctions would not allow union nationals and companies to provide loans to five major Russian state-owned banks, Xinhua reported Thursday.

Similarly, trade in new bonds, equity or similar financial instruments with a maturity exceeding 30 days, issued by the same banks, has been prohibited.

Apart from the financial sector, the EU has also imposed sanctions on Russia's energy sector. Services necessary for deep water oil exploration and production, arctic oil exploration or production and shale oil projects in Russia may no more be supplied.

Moreover, as many as 24 people would be added to the list of those subject to a travel ban and an asset freeze.

"They comprise persons involved in actions against Ukraine's territorial integrity, including the new leadership in Donbass, the government of Crimea as well as Russian decision-makers and oligarchs," the EU statement said.

This brings the total number of people subject to sanctions to 119 while 23 entities remain under asset freeze in the EU.

President of the European Council Herman Van Rompuy, in a statement, said that there was reversibility and scalability in EU's measures.

"In the light of the review and if the situation on the ground so warrants, the commission and the EEAS (European External Action Service) are invited to put forward proposals to amend, suspend or repeal the set of sanctions in force, in all or in part," Van Rompuy said.

The EU (EU) announced new set of sanctions against Russia Monday after the ceasefire agreement reached between the government and rebels in Ukraine last week. The meeting in Minsk was also attended by representatives from Russia and the Organization for Security and Cooperation in Europe.

Such an agreement was expected to pave the way for a political settlement of the Ukraine crisis and a permanent end to the bloodshed in eastern Ukraine, which has claimed 2,600 lives since March.