EU: New Sanctions Against Moscow

Members of the EU approved a new package of sanctions against Moscow and some Russian individuals. These new restrictive measures are the fourth package of its kind, announced on Tuesday by the EU Council.

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Among the restrictions are banning imports of steel and iron from Russia, the opportunity to invest in the country's energy sector, exports of luxury goods to the country. The sanctions go beyond the Russian government, targetting Russian business people, journalists and companies. According to the announcement, the list of the individuals to be sanctioned will be published later in the Official Journal of the European Union when the measures become effective.

The High Representative for Foreign Affairs and Security Policy of the European Union, Josep Borrell, stated that "this fourth package of sanctions is another major blow to the economic and logistic base upon which Russia relies to carry out the invasion of Ukraine. The aim of the sanctions is that President Putin stops this inhuman and senseless war."

The sanctions "prohibit new investments in the Russian energy sector, as well as a to introduce a comprehensive export restriction on equipment, technology, and services for the energy industry, introduce further trade restrictions concerning iron and steel, as well as luxury goods." In the application of the coercive measures the EU also decide "to prohibit all transactions with certain state-owned enterprises, the provision of any credit rating services, as well as access to any subscription services in relation to credit rating activities, to any Russian person or entity."

World Trade Organization (WTO) members alongside the EU approved to deprive Russian goods and services of the most favored nation regime in EU markets. The announcement released that "furthermore, the Council decided to sanction key oligarchs, lobbyists, and propagandists pushing the Kremlin's narrative on the situation in Ukraine as well as key companies in the aviation, military, and dual-use, shipbuilding, and machine-building sectors."

Since February 24, several countries across the globe have imposed sanctions on Moscow, aimed at ending the Russian special military operation in the Ukrainian territory it has been claimed. Referring to this move, the Kremlin stated that its actions were the response to the request by the heads of the Donbass republics.