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July 30, 2014 AT 9:04 AM
The European Union's sanctions against Russia are bound to inflict pain on the country's ailing economy. While still narrowly targeted, they come as a warning shot to convince Moscow to change its Ukraine policies or face even tougher penalties. The 28-nation EU, which is Russia's biggest trading partner, is limiting access to its financial markets, imposing an arms embargo and curbing trade in goods that can be used militarily as well as technology used in oil exploration.