The EU is set to hit Moscow with a fresh round of trade sanctions on Saturday as Russia shows no signs of ending its war in Ukraine, European Commission President Ursula von der Leyen said on Friday at the EU summit. European leaders at Versailles.
“Tomorrow we will take a fourth package of measures to further isolate Russia and drain the resources it uses to fund this barbaric war,” von der Leyen said.
The new sanctions package has not yet been released, but the Commission President outlined the key sectors that will be affected.
“We will ban the export of any EU luxury goods from our countries to Russia, as a direct blow to the Russian elite,” she announced.
The bloc also bans imports of “key products in the iron and steel sector” from Russia. The EU expects the move to cut “billions of export revenue” for Russia.
Von der Leyen added that the EU is “ensuring that the Russian state and its elites cannot use crypto assets to circumvent sanctions,” without providing details on how the EU intends. to do.
Finally, the EU “will propose a broad ban on new European investment in the Russian energy sector”.
“This ban will cover all investments, technology transfers, financial services, etc., for energy exploration and production – and will therefore have a significant impact on Putin,” von der Leyen said. New EU sanctions on the energy front still fall short of British, American and Canadian moves to ban imports of Russian oil.
The announcement comes as G7 countries – the EU, US, UK, Germany, France, Italy, Japan and Canada – have pledged to remove trade privileges from the Russia to the World Trade Organization and to restrict its ability to obtain financing from the IMF and World Bank.