The European Union on Tuesday formally approved new sanctions against Russia for its invasion of Ukraine, including a ban on energy investments, exports of luxury goods and imports of steel products.
The new sanctions are scheduled to come into effect after their publication in the Official Journal of the European Union later today.
The sanctions also include freezing the assets of more employers who support the Russian government, including Chelsea Football Club owner Roman Abramovich.
The European Commission said in a statement today that the sanctions include “a far-reaching ban on new investment in the Russian energy sector.”
An EU source said the move would hurt major Russian oil companies, but EU member states could still buy oil and gas from them.
The European Commission said it would also impose an outright ban on transactions with some Russian state-owned companies linked to the Kremlin’s military-industrial complex.
The European Union reached a preliminary agreement on the new sanctions on Monday and saw no objection before the agreed deadline.
The European Commission said the ban on Russian steel imports was estimated to affect $3.6 billion worth of products.
Companies from the European Union will not be able to export luxury goods above 300 euros, including jewellery.
Sources from the European Union also announced the ban on exporting cars that exceed 50,000 euros.