Russia is to be further cut off from the global financial markets. There is a rating ban for Russian companies and the state in the EU. Other sanctions also come into effect.
In the future, the Russian state and Russian companies will no longer be allowed to be rated by rating agencies from the EU. According to the EU Commission, this punitive measure is another part of the new sanctions package that is due to come into force today.
The aim of the measure is to further restrict Russia’s access to the EU financial market. According to the information, all rating services are affected by the ban.
Russia sanctions: export ban on luxury goods
Large parts of the fourth sanctions package had already been announced in the past few days. It includes an export ban on luxury goods to Russia, import restrictions on certain products from the Russian iron and steel industry, and a comprehensive ban on new investments in the Russian energy sector.
In addition, in response to the invasion of Ukraine, Russia is to be abolished, among other things, trade policy benefits that it actually has as a member of the World Trade Organization WTO. Specifically, the aim is to withdraw the so-called most-favoured-nation status from Russia.
Abramovich on the sanctions list
This prevents the Russian state and its elites from using crypto assets to circumvent sanctions. From now on, the Russian multi-billionaire Roman Abramovich will also be counted among these elites. In the course of this round of sanctions, he will be added to the list of people who are subject to EU sanctions because of the Russian war against Ukraine.
In concrete terms, this means that the assets of the previous owner of the British football club Chelsea FC in the EU must be frozen and he is no longer allowed to enter the EU. Abramovich’s fortune was recently estimated by the US magazine “Forbes” at 7.2 billion US dollars (about 6.5 billion euros).
The sanctions are expected to come into effect later today. They were formally adopted in the morning after the permanent representatives of the member states had previously agreed on the specific legal texts.
New sanctions also from London
The British government has also imposed a new round of sanctions. The government in London announced that 350 other individuals and companies were subject to the sanctions, including Russian Defense Minister Sergei Shoigu and former Russian Prime Minister Dmitry Medvedev. A spokesman for Prime Minister Boris Johnson said on Tuesday that a total of 775 people had been sanctioned in connection with the Russian invasion of Ukraine.
Johnson chaired a meeting with several heads of government from Scandinavian and Baltic states in London on Tuesday, who cooperate militarily with each other. The meeting was also joined by Ukrainian President Volodymyr Zelensky, who welcomed the sanctions. However, Selenskyj emphasized that these were not enough. He called for a “full trade embargo” against Moscow. Johnson pledged to work to expand Russia’s ban from the Swift banking communications system.
Source: Stern
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