EU agreed the fourth package of sanctions against Russia

The European Union agreed to adopt the fourth package of restrictive measures against Russia in response to the war in Ukraine. It will significantly affect Russiaʼs ability to continue aggression and put additional economic pressure on the country, press service of the European Commission reports.

Among the new sanctions imposed on Russia are:

• A full ban of any transactions with certain Russian State-owned enterprises across different sectors — the Kremlinʼs military-industrial complex;
• Ban on steel products;
• A far-reaching ban on new investment across the Russian energy sector, with limited exceptions for civil nuclear energy;
• Ban on export of luxury goods (eg luxury cars, jewelry, etc.);
• The list of individuals and legal entities subject to sanctions has been expanded. It includes Russian oligarchs, propagandists, and companies supporting the invasion;
• A ban on EU rating agencies assigning any ratings to Russia and its companies, which will significantly limit Russiaʼs access to the EU financial market.

In addition, the EU has also decided to strip Russia of its most favored nation status.