EU Approves Fourth Package of Sanctions Against Russia

The European Union has approved a fourth package of sanctions against Russia for its invasion of Ukraine, the French EU presidency announced on Monday.

No other details for the sanctions were given, but the office of the French EU presidency wrote on Twitter that Russia’s “most-favored nation” trade status would be suspended.

The move would allow the bloc to ban or impose punitive tariffs on Russian goods, putting the country on the same level as North Korea or Iran.

The processing of Belarus’ application to join the World Trade Organization will also be suspended under the new set of sanctions, the office said. Belarus is an ally of Russia in the invasion.

In a statement last week, European Commission President Ursula von der Leyen said that the bloc was working to revoke Russia’s membership in the International Monetary Fund and the World Bank, along with other leading multilateral financial institutions.

Russian elites and cronies Russian President Vladimir Putin will also continue to be pressured under the sanctions, von der Leyen added. The latest addition to the EU’s list of sanctioned oligarchs was Chelsea football club owner Roman Abramovich.

The sanctions will take effect once published in the EU’s official journal soon.

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