[Cyprus Times] Here is the 4th package of EU sanctions against Russia

Here is the 4th package of EU sanctions against Russia Barriers to trade, energy investment and exports of luxury goods to Russia

Measures under the World Trade Organization, a ban on the export of luxury goods to Russia, a ban on imports of goods from Russia's iron and steel industry and a ban on investment in Russia's energy sector comprise the fourth package of sanctions announced in a statement on Friday by Commission President Ursula von der Leyen in coordination with the European Union's partners in the G7 group.

"Russia's relentless attack on Ukraine continues. Civilians are being ruthlessly attacked, including in schools, apartment complexes and hospitals. And despite repeated proposals by the Ukrainian side, Russia has shown no willingness to cooperate in a serious way in negotiations for a diplomatic solution."

"Instead, all we hear are new lies and false accusations," she said, while "cynically, either humanitarian organizations are not opening or are being bombed by Russian forces shortly after their announcement," she added.

As the Commission President noted, the EU and its G7 partners continue to work in coordination to increase economic pressure against the Kremlin, noting that the three packages of sanctions already imposed and extended have already hit Russia's economy, with the ruble losing value, many Russian banks cut off from the international banking system, and companies leaving the country one by one.

"Tomorrow we will adopt a fourth package of measures to further isolate Russia and deprive it of the resources with which it is financing this barbaric war," he added.

The measures announced by Ursula von der Leyen are the following:

Withdrawal of "rather favoured nation status" from Russia, thus removing "important benefits that Russia enjoys as a member of the World Trade Organization", which means that "Russian companies will no longer receive preferential treatment in our economies". As the Commission President said, "we will also work to suspend Russia's membership rights in major multilateral financial institutions such as the International Monetary Fund and the World Bank" and ensure that Russia cannot draw "funding, loans, or other benefits from these institutions" as Russia "cannot blatantly violate international law while expecting to benefit from the privilege of being part of the global economic order."

Continued pressure on Russian elites close to Putin and the families of those who facilitate them, with the G7 Finance, Justice and Interior Ministers meeting next week to coordinate a working group to target the Russian President's associates.

Ensuring that the Russian state and elites "cannot use resources in cryptocurrencies to circumvent sanctions," stopping Putin-friendly circles and war-makers from using those resources to increase and transfer their wealth.

Banning the export of "EU luxury goods from our countries to Russia as a direct blow to the Russian elite," with Ms. von der Leyen stressing that "those who maintain Putin's war machine will no longer be able to enjoy their luxurious lifestyle while bombs fall on innocent people in Ukraine."

A ban on the import of essential goods from Russia's iron and steel industry, which will deprive the country's system of billions in exports.

Proposal to ban major European investments in the energy sector, which would cover "all investments, technology transfer, financial services" and so on for this sector.

Source: CNA

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