The European Union (EU) and United States announced on 29 July that they were implementing a range of sanctions on Russia's defence, energy and financial sectors, as a move to increase pressure on President Vladimir Putin over the ongoing conflict in Ukraine and the shooting down of Malaysia Airlines flight MM 7 continue. An arms embargo has now been placed on member states trading with Russia that extends to dual-use goods for military end-users. Additionally, restrictive measures targeting Russia's state-owned banks have been implemented to prevent them from raising funds in the EU market, as well as the curtailment of the transfer of sensitive oil sector technology and European economic aid to Russia.
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