European Union member states have formally approved a fourth package of sanctions against Russia following its invasion of Ukraine, including freezing the assets of several oligarchs such as Roman Abramovich, the owner of the Chelsea soccer club.
The measures, which take effect after their publication in the EU official journal later on March 15, include an import ban on Russian steel and iron, an export ban on luxury goods worth more than 300 euros and cars costing more than 50,000 euros ($55,000), and a ban on investments in oil companies and the energy sector.
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“As President [Vladimir] Putin’s war against Ukrainian people continues, so does our resolve to support Ukraine and cripple the financing of Kremlin’s war machinery,” Josep Borrell, the EU’s high representative for foreign affairs and security policy, said in a statement.
“This fourth package of sanctions is another major blow to the economic and logistic base upon which Russia relies on to carry out the invasion of Ukraine. The aim of the sanctions is that President Putin stops this inhuman and senseless war,” he added.
The sanctions follow three previous rounds of punitive measures which included the freezing of the Russian central bank’s assets and cutting several major Russian and Belarusian banks from the SWIFT banking system.
The new sanctions also prohibit EU credit-rating agencies from issuing ratings for Russia and Russian companies in an attempt to further restrict access to European financial markets.
The measures did not include a separate move to revoke Russia's "most-favored nation" trade status, but the EU said it had agreed to join with other World Trade Organization members on their readiness to take any actions that are considered necessary “to protect our essential security interests,” including the suspension of the favorable trade status.
“Russia’s unprovoked and unjustified military aggression against Ukraine grossly violates international law and the principles of the UN Charter and undermines European and global security and stability,” the EU statement said.
“It is inflicting unspeakable suffering on the Ukrainian population. Russia, and its accomplice Belarus, bear full responsibility for this war of aggression and those responsible will be held to account for their crimes, including for indiscriminately targeting civilians and civilian objects,” it added.
Along with Abramovich, 13 other individuals were added to the sanctions list, including banker German Khan, steel magnate Viktor Rashnikov, “pro-Kremlin propagandist” Dmitry Kulikov, media magnate Konstantin Ernst, and Marina Sechina, the former wife of Igor Sechin, the head of Rosneft.