Around 600 Russian individuals and multiple businesses are targeted
© Getty Images / sefa ozel
The EU has agreed on the fourth package of sanctions against Russia aiming to pressure Moscow to stop its ongoing military operation in Ukraine. The detailed package will be published in the ‘Official Journal of the EU’ and come into force later on Tuesday.
According to a press release from the European Commission, under the new package, the EU bans any transactions with certain Russian state-owned enterprises across different sectors, calling them “the Kremlin’s military-industrial complex.” The names of the targeted firms have not been unveiled yet, however, according to an earlier Reuters report, Russian energy majors Rosneft, Gazprom Neft, Transneft and other state-owned companies with a turnover of more than 1 trillion rubles ($9 billion) are to be targeted.
The bloc also prohibits imports of steel products currently under EU safeguard measures, “amounting to approximately €3.3 billion in lost export revenue for Russia.” It plans to compensate for the losses by introducing increased import quotas to “other third countries.”
The package also includes a ban on new investment across the Russian energy sector, but makes “limited exceptions” for civil nuclear energy and the transport of certain energy products back to the EU.