Russia has been hit with new set of sanctions by the European Union. This is the fourth round of anti-Russian sanctions being implemented in response to Russia’s invasion of Ukraine.
The new sanctions which are wide ranging includes;
- A ban on all transactions with certain enterprises owned by the Russian State.
- A prohibition on various metal imports from Russia.
- Forbidding European Agencies from providing credit ratings to any Russian persons or entities.
- Prohibition of luxury goods export to Russia.
- Barring EU citizens from making any new investments in Russia’s energy sector.
Despite an embargo on investments in Russia’s energy sector, oil and gas imports to the EU remain unaffected. Europe depends heavily on Russia for its energy imports, and while leaders in Brussels plan to lessen that dependence, they have stopped short of imposing import bans like the UK and US have already done.
The prohibition on export of luxury items to Russia will affect goods worth more than US$328, including Champagne, handbags, diamonds and vehicles worth more than US$54,730.
An exhaustive list of banned goods published in the EU’s legal journal also mentions luxuries like purebred racehorses and works of art, as well as mundane purchases like cotton t-shirts and cigarettes.
The Russian entities on the sanctions list includes the jet fuel subsidiary of energy giant Rosneft and eight other Russian Entities. Russian arms manufacturers and other military-industrial firms were also on the list.
Chelsea FC owner, Billionaire Roman Abramovich was also sanctioned along with 14 other individuals.
Previous rounds of sanctions had targeted Russian lawmakers and businesspeople, the country’s financial sector, and media outlets RT and Sputnik.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur