EU unveils new sanctions against Russia; to ban export of luxury goods from bloc
Mar 12, 2022
Brussels [Belgium], March 12 : Europe will ban the export of luxury goods from the European Union to Russia, the head of the European Commission Ursula von der Leyen said on Friday.
The European Union detailed on Friday afternoon some of the new sanctions it will impose on Russia in coming days, following an agreement by Group of Seven industrialized nations to increase economic pressure on the Kremlin, The Wall Street Journal reported.
The European Commission President said that in addition to revoking Russia's benefits as a World Trade Organization member and fresh measures against Russian elites close to the Kremlin, the EU will ban the export of luxury goods to Russia.
"Those who sustain Putin's war machine should no longer be able to enjoy their lavish lifestyle while bombs fall on innocent people in Ukraine," she said, according to The Wall Street Journal.
The head of the European Commission also said that the EU would also prohibit the import of key goods in the iron and steel sector from Russia, which she said would deprive the Kremlin of billions of euros of export revenue.
The EU will also propose a broad ban on EU investments into Russia's energy sector. That could cover all investments, technology transfers, financial and other services for energy exploration and production in oil and gas fields, he Wall Street Journal reported.
Furthermore, the EU will also propose a broad ban on EU investments into Russia's energy sector. That could cover all investments, technology transfers, financial and other services for energy exploration and production in oil and gas fields.
The announcement comes after EU leaders met Thursday and Friday in Versailles, France, and pledged to announce new sanctions.
