The European Union officially approved the fourth package of sanctions against Russia, which includes economic and personal restrictive measures, the EU Council announced on Tuesday, TASS reports.
In particular, the EU limited imports of steel and iron from Russia, investments in the country's energy sector, exports of luxury goods to the country, and also imposed sanctions against Russian businessmen, journalists and companies. The list of sanctioned individuals and entities will be published later in the Official Journal of the European Union. After that the sanctions will come into force.
"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," Josep Borrell, High Representative for Foreign Affairs and Security Policy, says as quoted by the EU Council.
New EU sanctions against Russia include restrictions on steel and iron imports, investment in the country's oil and energy sectors, and luxury exports to Russia, the EU Council said.
According to the statement the Council decided in particular to "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."
As European Commission President Ursula von der Leyen previously explained, luxury goods, in particular, include expensive cars and jewelry.
The European Commission believes that restricting steel imports could lead to a loss of 3.3 billion euros in revenue for Russia.
