EU Levies Fourth Wave of Sanctions on Russia
The EU levied its fourth wave of restrictions on Russia following its full-scale assault on Ukraine. The measures ban all transactions with various state-owned enterprises, bar the services of all Russian credit rating services, add to the list of sanctioned individuals relating to Russia's defense sector and general economy, and ban new investments in the Russian energy sector, the European Council said March 15. The prohibition on credit rating services applies also to any subscription services relating to credit rating activities. The restrictions on the Russian energy sector will introduce a "comprehensive export restriction" on goods and services for the energy industry.
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The new restrictions also include iron and steel. Additionally, the EU joins the U.K. in placing restrictions on luxury goods going to Russia, with the U.K. banning their export outright. The EU's new additions to its sanctions list include "key oligarchs, lobbyist and propagandists ... as well as key companies in the aviation, military and dual use, shipbuilding and machine building sectors," the council said.
The EC further permitted the European Commission to join a plurilateral statement supporting taking action against Russia and Belarus at the World Trade Organization. Possible action could entail suspending obligations to Russia, including its most favored nation status. Belarus, which is not a WTO member, could have its accession talks suspended, the council said.
"As President [Vladimir] Putin’s war against Ukrainian people continues, so does our resolve to support Ukraine and cripple the financing of Kremlin’s war machinery," EU Foreign Affairs Representative Josep Borrell said. "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."