Europe just slapped Russia with another six months of sanctions

The European Union just confirmed that it will extend its sanctions against Russia until at least the end of January 2016.

The meeting of European foreign ministers in Luxembourg on Monday announced the widely-expected increase because of Russia's annexation of parts of Ukraine according to Reuters.

The series of economic and financial sectors, particularly directed against members of President Vladimir Putin's inner circle and key economic sectors, were due to expire in July.

The decision was floated last week but wasn't confirmed until the bloc's foreign ministers had met.

According to Germany's Deutsche Welle, the decision to extend sanctions was linked to the implementation of a peace agreement hashed out in Minsk in February.

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