11 minutes agoEU presents fourth package of sanctions against Russia
Periskopi(4 years ago)
(4 years ago)The European Union (BE) will suspend Moscow's privileged trade and economic treatment, curb its use of cryptovalouts and ban the export of luxury European goods to Russia and import iron and steel products from this country, European Commission President Ursula von der Leyen said. Measures of [...]
The new measures will be introduced as the fourth package of sanctions due to Ukraine's Russian occupation, and actions will be co-ordinated with the United States and the other supporters of the Seventh Group (G7).
Von der Leeyen said the EU will present a fourth package of measures on Saturday, March 12th, to further isolate Russia and cut off the resources Moscow was according to it was using to finance the war in Ukraine.
She stressed that Russia's right to run multilateral institutions, such as the International Monetary Fund (FMN) and the World Bank, will be suspended.
The EU, along with other Western allies like the United States, will abolish Russia's most favourable trade status, paving the way for bans and setting penalties on Russian goods, placing Russia at the same status as North Korea or Iran.
The first step is to stop importing iron and steel products.
The European Union will particularly stop exporting luxury European goods to Russia, and through this decision, the EU aims to hit the Russian elites.
In addition, the EU will ban European investments in the Russian energy sector.
“Prevention will include all investments, technology transfers, financial services, for example for energy research and production, and thus will have a major impact on [Russian president Vladimir] Putin”, Von der Leenen added.
According to the European Bureau of Statistics (European), the value of goods imported into the EU from Russia in 2019 amounted to 145 billion euros, out of which 101 billion euros have been spent on oil and gas. /rel
