EU flags flutter in entrance of the European Fee headquarters in Brussels, Belgium October 2, 2019. REUTERS/Yves Herman/File Picture

BRUSSELS, March 11 (Reuters) – The European Union will droop Moscow’s privileged commerce and financial therapy, crack down on its use of crypto-assets and ban exports to Russia of EU luxurious items and imports of iron and metal items, the top of the European Fee stated on Friday.

The measures quantity to a fourth set of sanctions towards Russia over its invasion final month of Ukraine, coordinated with america and different G7 allies.

“Tomorrow, we’ll take a fourth bundle of measures to additional isolate Russia and drain the sources it makes use of to finance this barbaric warfare,” European Fee President Ursula von der Leyen stated.

Together with different Western allies, together with america, the bloc will revoke Russia’s “most-favoured nation” commerce standing. This could open the door to the bloc banning or imposing punitive tariffs on Russian items and placing Russia on a par with North Korea or Iran. learn extra

As a primary step, the EU will prohibit imports of iron and metal sector items.

Von der Leyen stated in an announcement that the EU was working to droop Russia’s membership rights of main multilateral establishments, together with the Worldwide Financial Fund and the World Financial institution.

“We’ll be certain that Russia can not receive financing, loans, or some other advantages from these establishments,” von der Leyen stated. Reuters final week solely reported EU’s plans to strip Russia of its IMF membership rights learn extra .

G7 allies will search subsequent week to coordinate concentrating on of Putin’s “cronies” and can try to make sure Russia and its elites can not use crypto-assets to avoid sanctions.

The EU’s high diplomat Josep Borrell added later that he was placing ahead proposals for the blacklisting of extra Russian oligarchs, businessmen and firms. The EU has already hit dozens with journey bans and asset freezes.

New sanctions would hit folks lively within the metal business, Borrell stated, and others who present monetary providers, army merchandise and know-how to the Russian state.

“With these sanctions, we’ll proceed going after the oligarchs, the regime-affiliated elites, their households and distinguished enterprise folks, that are concerned in financial sectors offering a considerable income to the regime,” Borrell stated with out clarifying when the brand new listings may very well be adopted.

EU officers declined to touch upon whether or not Chelsea soccer membership proprietor Roman Abramovich was among the many individuals who may very well be listed. Britain froze his belongings on Thursday.

The European Union particularly will ban exports to Russia of EU luxurious items, designed as a blow to Russia’s elites.

Lastly, the bloc will ban new European investments in Russia’s vitality sector.

“This ban will cowl all investments, know-how transfers, monetary providers, and many others. for vitality exploration and manufacturing – and thus have a big effect on Putin,” von der Leyen stated.

EU items imports from Russia totalled 145 billion euros ($158.7 billion) in 2019, based on EU statistics workplace Eurostat, of which 101 billion euros was for oil and fuel.

($1 = 0.9137 euro)

Reporting by Philip Blenkinsop, Sabine Siebold, Marine Strauss and Francesco Guarascio; Enhancing by Will Dunham and Barbara Lewis

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