The European Union detailed Friday afternoon some of the new coming sanctions it will impose on Russia in days, following an agreement by Group of Seven industrialized nations to increase economic pressure on the Kremlin.
European Commission President Ursula von der Leyen said that in addition to revoking Russia’s benefits as a World Trade Organization member and fresh measures against Russian elites close to the Kremlin, the EU will ban the export of luxury goods to Russia.
“Those who sustain Putin’s war machine should no longer be able to enjoy their lavish lifestyle while bombs fall on innocent people in Ukraine,” she said.
Ms. von der Leyen said the EU would also prohibit the import of key goods in the iron and steel sector from Russia, which she said would deprive the Kremlin of billions of euros of export revenue.
The EU will also propose a broad ban on EU investments into Russia’s energy sector. That could cover all investments, technology transfers, financial and other services for energy exploration and production in oil and gas fields.
The announcement comes after EU leaders met Thursday and Friday in Versailles, France, and pledged to announce new sanctions.
Nonetheless, some divisions have started to emerge among EU countries in recent days. German Chancellor Olaf Scholz has come under pressure from some capitals for opposing a block on European gas imports from Russia.
EU leaders also spent hours arguing over Ukraine’s future ties with the bloc. Some countries are pushing for the bloc to open membership talks with Ukraine, Georgia and Moldova but there was no consensus to do so.
Later Friday, the EU’s foreign policy chief Josep Borrell said the EU would add sanctions—asset bans and freezes—on Russian regime-affiliated elites in the steel industry, the defense industrial sector and the financial and investment sector. The EU would also broaden its sanctions against those involved in disinformation and propaganda in Russia.
Mr. Borrell also said the EU will double—to €1 billion—the amount of money it would hand out to member states to compensate for sending arms and other military to Ukraine.