The European Union on Tuesday introduced a fourth round of anti-Russian sanctions. The new measures include a ban on investments in the Russian energy sector and a ban on the export of luxury goods and imports of iron and steel.
The new economic sanctions include a ban on all transactions with certain Russian state-owned enterprises and a ban on imports of various metals from Russia. European agencies are also prohibited from providing credit ratings to any Russian person or entity, and EU citizens are prohibited from making any new investments in Russia's energy sector.
However, EU oil and gas imports remain unaffected. Europe is heavily dependent on Russia for its energy imports, and while leaders in Brussels plan to reduce this dependence, they have not decided to ban imports as the UK and US have already done.
The new sanctions also ban the export of luxury goods worth more than 300 euros from Russia, including champagne, luxury goods, diamonds and vehicles worth more than 50,000 euros. An exhaustive list of banned goods published in the EU's legal journal also mentions luxuries such as racehorses and works of art, as well as everyday purchases such as cotton T-shirts and cigarettes.
Nine Russian entities, including the jet fuel subsidiary of energy giant Rosneft and a number of Russian arms manufacturers and other military-industrial firms, have also been sanctioned.
The new sanctions follow three rounds of similar restrictions imposed on Russia by the EU in recent weeks. Previous sanctions targeted Russian lawmakers and businessmen, the country's financial sector and the media outlets RT and Sputnik. EU airspace has also been closed to Russian flights since February.
International Monetary Fund Managing Director Kristalina Georgieva told CBS News on Sunday that international sanctions will have a severe impact on the Russian economy, resulting in a deep recession next year.
