Mar 14, 2022
EU bans key iron and steel product imports from Russia
2022-07-04
EU and G7 partners have announced a new sanctions package on Russia amid its ongoing invasion of Ukraine, European Commission President Ursula von der Leyen said in a statement.
Within the scope of the new sanctions, the EU will prohibit the import of key goods in the iron and steel sector from the Russian Federation. This will hit a central sector of Russia's system and deprive it of billions in export revenues. Russia will also be denied the status of most-favored-nation in EU markets. This will revoke important benefits that Russia enjoys as a WTO member. EU and G7 partners will also work to suspend Russia's membership rights in leading multilateral financial institutions, including the International Monetary Fund and the World Bank, ensuring that Russia cannot obtain financing, loans, or any other benefits from these institutions.
Meanwhile, the EU will continue pressuring Russian elites close to Putin as well as their families and enablers. The Russian state and its elites will not be able to use crypto assets to circumvent the sanctions. The EU Commission president said that the EU will ban the export of any luxury goods from EU countries to Russia, as a direct blow to the Russian elite and will propose a big ban on new European investments across Russia's energy sector. This ban will cover all investments, technology transfers, financial services, etcetera, for energy exploration and production.
EU and G7 partners had announced three sanctions packages earlier, hitting Russia's economy very hard and causing the ruble to plummet. Many key Russian banks are cut off from the international banking system and companies are leaving the country one after another.
Source: Steel Orbis
