113 0 0 4 min to read

The EU has approved a new package of sanctions against Russia in response to the conflict in Ukraine.

BRUSSELS, BELGIAN REPUBLICAN. The European Union’s presidency is currently held by France, which announced late Monday that the bloc has adopted fresh sanctions against Russia for its aggression in Ukraine.

In a statement, the French presidency stated the EU “has agreed with the fourth package of sanctions targeting persons and businesses implicated in the aggression against Ukraine, as well as numerous sectors of the Russian economy, in conjunction with our international partners.”

According to the statement, the bloc also passed a declaration to the World Trade Organization (WTO) “on suspending the application of the most-favored-nation clause for Russia.”

The specific contents of the new round of sanctions will not be revealed until they are published in the European Union’s official journal.

The pronouncements follow EU leaders’ announcements last week at a meeting in Versailles that the group is preparing a new wave of stronger penalties against Russia over its war in Ukraine.

President of the European Commission, Ursula von der Leyen, stated on Friday that the EU will strive to “halt Russia’s membership privileges in important multilateral financial institutions,” such as the IMF and the World Bank.

“In our markets, we will deny Russia the designation of most-favored-nation. As a WTO member, Russia will lose major benefits as a result of this,” von der Leyen stated.

“We will ensure that Russia cannot access finance, loans, or any other benefits from these organizations,” she added, noting that Russian enterprises will no longer have a preferential status in the EU.

They are striving to ensure that the “Russian state and its elites cannot exploit crypto assets to dodge sanctions,” according to Von der Leyen.

She went on to say that the EU will prohibit any EU luxury products from being exported to Russia.

Imports of vital Russian iron and steel items will be forbidden as well, according to von der Leyen, who also stated that the EU will propose a major restriction on new European investments in Russia’s energy sector.

“This ban will apply to all energy exploration and production ventures, technological transfers, financial services, and so on,” she stated.

QR Code

Save/Share this story with QR CODE


Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

πŸ“© Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.


We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❀️GIVE A TIP. Send a small donation thru Paypal😊❀️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) πŸ›’ BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) πŸ‘ Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).


AFFILIATE PARTNERS
LiveGood
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x