Russia-Ukraine War: EU Bans Exports Of Champagne, Luxury Cars, Apparel To Russia In New Sanctions

Russia-Ukraine War: The European Commission said in a statement that the sanctions included "a far-reaching ban on new investment across the Russian energy sector".

European Union flag (FIle photo: AFP)

New Delhi: In a fresh set of sanctions, the European Union on Tuesday banned exports of champagne, luxury cars, according to a report by news agency AFP.

#BREAKING EU bans exports of champagne, luxury cars, apparel to Russia in new sanctions pic.twitter.com/afPh5dPeGv

— AFP News Agency (@AFP) March 15, 2022

The European Union on Tuesday formally approved a new barrage of sanctions against Russia over its invasion of Ukraine, including restrictions on investments in the Russian energy sector, exports of luxury goods and imports of steel products from Russia are included.

The sanctions, imposed after being published on Tuesday in the EU's official magazine, also freeze the assets of more business leaders backing the Russian state, including Chelsea football club owner Roman Abramovich.

The European Commission said in a statement that the sanctions included "a far-reaching ban on new investment across the Russian energy sector".

An EU source told Reuters the move would affect Russian oil companies Rosneft, Transneft and Gazprom Neft, but EU members would still be able to buy oil and gas from them.

The EU executive said there would also be a complete ban on transactions with some Russian state-owned enterprises linked to the Kremlin's military-industrial complex.

The bloc reached a preliminary agreement on the new restrictions on Monday, with no objections raised before the agreed-upon deadline.

The commission said the ban on Russian steel imports is expected to impact products worth 3.3 billion euros ($3.6 billion).

EU companies will no longer be allowed to export any luxury goods worth more than 300 euros, including jewellery. EU sources said the export of cars worth more than 50,000 euros would also be banned.