New European Union sanctions against Russia on Tuesday sought to deny oligarchs their love of luxury and block Russia from cashing in on its lucrative steel exports. The United Kingdom also joined in the targeting.
The 27-nation bloc sought to stay away from sanctions that would sap its supply of Russian energy, but pounced with measures worth billions while stifling Russia's ability to work on global markets by banning EU rating agencies from working with Russian clients.
“These new sanctions will cut Russia off even further and drain its resources to finance this barbaric war. So one can say that the Russia has become the most sanctioned nation in the world, which is very dubious honor,” European Commission Vice President Valdis Dombrovskis said.
The bloc's continued punishment of Moscow for its invasion of neighboring Ukraine was done in close consultation with Western allies, from the U.K. to the United States.
Together they agreed to deny Russia the status of most favored nation, which will cost its companies privileged status in Western economies. Britain announced sanctions against 350 individuals and entities Tuesday and also promised to ban the export of luxury goods to Russia.
