The European Union bans the export of European luxury goods to Russia. European Commission President Ursula von der Leyen announced this on Friday. Previously, the United States had already made a similar decision: the ban is part of a new series of sanctions that the EU is taking in consultation with international partners in the G7 over Russia’s invasion of Ukraine.
The export ban on European luxury goods is intended as “a blow to the Russian elite,” von der Leyen said. “Those who maintain Putin’s war machine should no longer enjoy their lavish lifestyle while the bombs fall on innocent people in Ukraine,” she said. The finance, interior and justice ministers of the G7 countries will also meet next week to continue the hunt for the elite around Putin.
In addition, the G7 countries will revoke Russia’s most favored nation status, which could deny the country trade benefits as a member of the World Trade Organization. The G7 also want to block Russia’s funding from international institutions such as the World Bank and the IMF.
Finally, the G7 are also taking measures to prevent the circumvention of sanctions via cryptocurrencies, and there will be a ban on the import of key goods in the iron and steel sector from Russia. “This will hit a central sector of the Russian system, depriving the country of billions in export revenues,” said von der Leyen. Finally, it will also propose a ban on new European investments in the Russian energy sector.