Economic sanctions

European Union (EU) leaders are unlikely to reach an agreement on the prolongation of economic sanctions against Russia at their forthcoming summit next week.

The current sanctions, which are expiring in July, are not likely to be extended as long as the Minsk ceasefire in eastern Ukraine is observed, EurActiv reports.

The EU intends to provide a new financial aid package to Ukraine estimated at EUR 110M in 2015.

The statement was made by European Commissioner for European Neighbourhood Policy and Enlargement Negotiations, Johannes Hahn, TASS news agency reported.

He said that the larger portion of the sum will be utilized to assist the private sector in the country.

EU's High Representative for Foreign Affairs and Security Policy Federica Mogherini has suggested renewal in relations with Russia in the spheres of global diplomacy, trade and other issues on Wednesday.

US President Barack Obama signed an executive order on Friday, imposing sanctions on three North Korean organisations and ten individuals.

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While President Barack Obama has not ruled out the possibility of reopening a U.S. Embassy in Iran, Republicans say the Senate will vote within weeks on a bill to impose more sanctions on Tehran over its nuclear program.

Obama was asked in an NPR interview broadcast on Dec. 30 whether he could envision opening an embassy there during his final two years in office.

The European Union on Thursday announced additional economic sanctions against Crimea-based companies over what the bloc calls illegal annexation of the region by Russia.

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NATO Secretary-General Jens Stoltenberg has voiced his expectations from Turkey to join the economic sanctions campaign against Russia over the Ukrainian crisis.

 His comments come on the day when Russia and Turkey were set to hold talks to increase the trade volume from the current $33 billion to $100 billion by 2020.

Norway said on Friday it is tightening its economic sanctions against Russia over the crisis in Ukraine to bring them in line with the latest round of EU restrictions.

"Serbia could reconcile EU and Russia"

BELGRADE -- Serbia's OSCE chairmanship next year will be "a great opportunity to take on a role and mediate in negotiations in order to smooth EU-Russia relations."

Japan has announced new sanctions against Russia over the crisis in Ukraine that bring Tokyo closer in line with sanctions imposed by the US and the EU.

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