The Council of the EU has found no grounds to ease Russia sanctions at a meeting it held on Monday.

      Many EU members fear the decision to lift some of the restrictions might send a wrong signal to Moscow.

      Earlier, the European Bank for Reconstruction and Development has downgraded its growth projections for the Russian economy in 2015. It cut its forecast from 0.2 percent decrease to a whopping 5 percent dive, according to the news agency Interfax.

      Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.

      Trade between the EU and Russia fell sharply in 1Q 2014, echoing a sour political relationship between Moscow and Brussels split over the Ukraine crisis.

      According to Eurostat, EU imports from Russia dropped more than 9 percent in the first quarter of this year totaling €49.1 billion in March, versus €54.4 billion in the first quarter of 2013.

      As Euractiv.com points out, in 2013 the EU only had 27 members, which means the slide is in fact “even more significant”.

      EU exports to Moscow saw a 10.5 percent decrease, shrinking from €28.7 billion to €25.6 billion.