Ukraine: EU agrees fourth sanctions package against Russia

Ukraine: EU agrees fourth sanctions package against Russia

March 15, 2022

The Council of the European Union decided today to impose a fourth package of economic and individual sanctions in response to Russia’s ongoing military aggression against Ukraine.

The Council decided to:

  • prohibit all transactions with certain state-owned enterprises across different sectors – the Kremlin’s military-industrial complex;
  • prohibit the provision of any credit rating services, as well as access to any subscription services in relation to credit rating activities, to any Russian person or entity;
  • expand the list of persons connected to Russia’s defence and industrial base, on whom tighter export restrictions are imposed regarding dual-use goods and goods and technology which might contribute to Russia’s technological enhancement of its defence and security sector;
  • 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, amounting to approximately € 3.3 billion in lost export revenue for Russia;
  • an EU export ban on luxury goods (e.g. luxury cars, jewelry, etc.) to directly hit Russian elites.

Furthermore, the Council decided to sanction key oligarchs, lobbyists and propagandists pushing the Kremlin’s narrative on the situation in Ukraine as well as key companies in the aviation, military and dual use, shipbuilding and machine building sectors.

Separately, the Council gave a green light to the European Commission to join, on behalf of the EU, a plurilateral statement of the World Trade Organization (WTO) on Russian aggression against Ukraine with the support of Belarus. The EU confirmed its readiness to take any actions that are considered necessary to protect its essential security interests. These may include actions in support of Ukraine, or actions to suspend concessions or other obligations with respect to Russia, such as the suspension of most-favoured-nation treatment to Russian products and services. The EU also considers that Belarus’ WTO accession process is to be suspended.

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,” said Josep Borrell, EU High Representative. 

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