EU Imposes 4th Sanctions on Russia: Ban on Luxury Goods Exports and Steel Imports

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Buaeri] On the 15th (local time), the European Union (EU) adopted the 4th round of sanctions in response to Russia's invasion of Ukraine, including restrictions on steel and luxury goods trade.

The EU Council, representing the governments of the 27 EU member states, announced that it has decided to impose the 4th round of sanctions targeting Russia's economy and individuals.

Accordingly, the export of EU luxury products such as luxury cars and jewelry to Russia will be banned. Imports of Russian steel products into the EU will also be blocked.

All transactions with certain Russian state-owned companies are prohibited, and credit rating services cannot be provided to Russian individuals and organizations.

New investments in Russia's energy sector are banned, and additional export restrictions on equipment, technology, and services for the energy industry will be introduced.

The sanctions list will also be expanded to target Russian oligarchs, major companies in the aviation, shipbuilding, and machinery manufacturing sectors, the Kremlin, and individuals and organizations related to Russia's defense and industrial sectors.

Roman Abramovich, owner of the English Premier League (EPL) club Chelsea, is also reported to be included in this sanctions list.

Separately, the EU Council announced that it approved the EU Executive Commission, the EU's administrative body, to join a plurilateral statement expected to be announced in relation to the World Trade Organization (WTO) on behalf of the EU.

Regarding this, the EU Executive Commission stated that the EU has agreed to refuse WTO Most-Favored-Nation treatment for Russian products and services within the internal market, which follows the recent announcement by the Group of Seven (G7).