EU adopts 4th set of sanctions against Russia over Ukraine war

BRUSSELS

The European Union on Tuesday adopted the fourth round of sanctions against Russia, banning the export of luxury goods and import of steel products, as well as targeting new oligarchs.

The EU imposed a new set of sanctions against Russia “in response to its brutal aggression against Ukraine and its people,” the European Commission announced in a statement welcoming the decision of EU member states.

“These sanctions will further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine,” the statement added.

With the decision, the bloc bans the import of Russian steel products, amounting to approximately €3.3 billion ($3.6 billion) and the investment in the Russian energy sector.

The bloc also prohibits the export of luxury products to Russia, including jewelry, cars, leather suitcases, wines, and music and sports equipment.

The EU also added new oligarch and business elites linked to the Kremlin, as well defense industry companies that support the war in Ukraine.

The decision also extends the financial sanctions, banning all transactions of Russian state-owned companies.

The full list of sanctioned individuals and entities has yet to be published in the EU Official Journal, but several media sources confirmed that they will target, among others, businessman Roman Abramovich, who has owned the Chelsea football club, and industrialist Oleg Deripaska.

The previous sanctions packages targeted, among others, Russian President Vladimir Putin, Foreign Minister Sergey Lavrov, oligarchs, and military officers, excluded Russian and Belarusian banks from the SWIFT international banking system, and banned broadcasting activities of Sputnik and RT media outlets.