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The European Union will suspend Moscow’s privileged trade and economic treatment, curb its use of cryptocurrencies and ban the export of European luxury goods to Russia and the import of iron and steel products from the country, the European Commission president said. , Ursula von der Leyen.
The new measures will be introduced as the fourth package of sanctions due to the Russian occupation of Ukraine and actions will be coordinated with the United States and other Group of Seven (G7) allies.
Von der Leyen said the EU would present a fourth package of measures on Saturday, March 12, to further isolate Russia and cut the resources it said Moscow was using to fund the war in Ukraine.
She stressed that Russia’s rights to run multilateral institutions, such as the International Monetary Fund (IMF) and the World Bank, will be suspended.
The EU, along with other Western allies such as the United States, will repeal Russia’s most favorable trade status, paving the way for bans and imposing punitive tariffs on Russian goods, putting Russia in the same position as North Korea or Iran.
The first step is to ban the import of iron and steel products.
The European Union will specifically ban the export of European luxury goods to Russia, and through this decision, the EU intends to strike at Russian elites.
In addition, the EU will halt European investment in the Russian energy sector.
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