Russia-Ukraine conflict: European Union approves new set of sanctions

Russia has been hit with dozens of sanctions that have targeted Kremlin officials, the oligarchs and their families, and its economy. In another effort to punish Russia for its invasion of Ukraine, the European Union has approved a new set of penalties, targeting Russia’s other sectors.

Reuters reports that the bloc has approved Tuesday imposed a new round of sanctions on Russia for its unprovoked invasion of Ukraine. The sanctions include barring investments in Russia’s energy sector, exports of luxury goods to Moscow, and steel product imports from Russia.

The new set of sanctions will also freeze the assets of business leaders who have shown support to the Kremlin. This includes Chelsea FC owner Roman Abramovich and Konstantin Ernst of the Russian state TV Channel One. They are among the dozens of Russian oligarchs who have been sanctioned.

This new slate of penalties also follows three rounds of measures that included freezing the assets of the Russian central bank, exclusion from the SWIFT banking system of some banks in Russia and Belarus, and freezing the assets of Russian oligarchs, their families, and top politicians including Russian dictator Vladimir Putin and foreign minister Sergey Lavrov.

There will also be a ban on transactions with Russian-state-owned companies that are connected to the Kremlin’s military-industrial complex.

While the assets of Abramovich and other oligarchs would be frozen, it will be up to the European Union member countries to apply this penalty. An EU official said the sanctions are meant to impact Russia’s elites.

The United Kingdom has also added 350 more individuals to its sanctions list on Russia as well as increased tariffs on imports ranging from vodka to steel and banned exports of luxury goods. UK Foreign Secretary Liz Truss said the asset freeze and the travel ban would now apply to 51 Russian oligarchs, their family members, as well as Putin’s “political allies and propagandists.”

“Working closely with our allies, we will keep increasing the pressure on Putin and cut off funding for the Russian war machine,” said Truss.

Mikhail Fridman and Petr Aven, who are already part of the EU sanctions list, will also be included in the UK’s list. Both stepped down from the Letter One investment they founded.