Home Politics Europe and US impose some sanctions, only part of them are causing some pain

Europe and US impose some sanctions, only part of them are causing some pain

The European Union suspends certain economic and trade privileges of Russia and prohibits European exports of luxury goods to the country. There will also be a ban on the import of Russian iron and steel due to the Russian invasion of Ukraine. The new sanctions are aligned with the United States and other allies.

“Tomorrow we will take a fourth package of measures to further isolate Russia and withdraw the funds it uses to finance this barbaric war,” European Commission President Ursula von der Leyen said after an EU summit in Versailles.

The EU is also tackling the use of cryptocurrency, as some Russians are trying to circumvent sanctions.

Earlier in the day, US president Joe Biden said that the US is going to change Russia’s status as a trading partner. Russia will now receive the same treatment as, for example, North Korea or Iran. Also, the Americans ban Russian vodka, diamonds and fish products such as caviar.

The EU is also changing Russia’s trade status. As a result, the EU can impose import tariffs on many Russian goods. As a first step, the import of iron and steel products is banned. The EU also wants to block European investment in the Russian energy sector. Furthermore, Von der Leyen wants Russia’s membership of the International Monetary Fund (IMF) and the World Bank to be suspended.

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