EU approves fourth package of sanctions against Russia
Flag of the European Union. (Artwork: AP)
Here is the package sanctions EU’s fourth for Russia after Moscow launched a special military operation in Ukraine.
France, which holds the EU Presidency, said: “After consultations with international partners, the bloc approved a fourth package of sanctions targeting individuals and entities involved in the invasion of Ukraine as well as certain sectors of the Russian economy.“.
The fourth package of sanctions targets new Russian oligarchs, including billionaire Roman Abramovich, owner of English football club Chelsea, in retaliation for Russia’s military intervention in Ukraine.
Billionaire Roman Abramovich is close to Russian President Vladimir Putin and has been sanctioned by the UK, forcing him to suspend the sale of the club he announced.
Mr. Abramovich is also subject to sanctions in Canada.
Billionaire Roman Abramovich. (Photo: AP)
The British government estimates his fortune at about 10.7 billion euros. Roman Abramovich also holds shares in the steel giant Evraz and shares in the Russian company Norilsk Nickel, which specializes in the mining and processing of nickel and palladium.
In addition to Mr. Abramovich, the EU will add 14 other Russian billionaires to the blacklist.
The fourth package of sanctions also includes a plan to ban the import of “essential goods in the iron and steel sector”, ban the export of luxury goods, including cars worth more than 50,000 euros ($55,000) and a ban on investment in oil companies and the energy sector.
Previously, 862 people and 53 Russian entities were blacklisted from entering the EU territory and allowing the seizure of their assets.
The European economy is still in a good recovery phase after the pandemic, the president of the euro area (Eurogroup) said. As a result, the region can withstand the initial impacts of the war Russia-Ukraine conflict.
According to the French statement, the EU also approved a statement to the World Trade Organization “on the suspension of the application of most-favored nation status to Russia and the cessation of consideration of Belarus’s application to join the WTO”.
If Russia has its MFN status suspended, its companies will no longer receive special treatment through the EU.
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