New EU sanctions. What is important to know

The EU has adopted legally binding documents as part of the fourth sanctions package against RUSSIA.The most significant are the ban on new investments in the Russian energy sector and the embargo on imports of Russian iron and steel

The European Union has introduced another package of economic sanctions against Russia, among which were:

a ban on new investments in the Russian energy sector; a ban on the supply of European equipment for the energy industry; a ban on the EXPORT to Russia of European luxury goods whose value exceeds certain thresholds; an embargo on imports into the EU from Russia of many commodity items from the categories "ferrous metals" and "ferrous metal products"; a ban on transactions with Russian state-owned companies from the list, which included, in particular, oil companies.

A new wave of sanctions against businessmen

By a separate decision, the EU included in the sanctions list, which implies the freezing of assets in the jurisdiction of European countries and a ban on economic relations with European companies, such large Russian businessmen and leaders as Roman Abramovich, German Khan, Viktor Rashnikov, Alexei Kuzmichev, Suleiman Kerimov, President of the RSPP Alexander Shokhin, HEAD of Yandex Tigran Khudaverdyan. For some of them, the EU used the following motivation for listing: On February 24, it attended a “meeting of oligarchs in the Kremlin with [President] Vladimir Putin” to discuss Russia’s actions in light of Western sanctions. The list also includes such companies as RN-Aero, Rosoboronexport, United Aircraft Corporation (UAC) and others.

Abramovich was previously included in the UK sanctions list, which is why the deal to sell Chelsea football club to him was in limbo. Individuals subject to EU sanctions are generally barred from entering bloc countries. However, Abramovich received Portuguese citizenship in 2021 as a descendant of Sephardic Jews, and it is not yet clear what decision Lisbon will make.