EU unveils new package of restrictions on Russia

BRUSSELS. March 15 (Interfax) - A new package of EU restrictions on Russia bans new investment in the Russian energy sector, while making an exception for civil nuclear energy and transportation of energy resources to the European Union, the European Commision said in a statement published in Brussels on Tuesday.

"The agreed measures are the following: a far-reaching ban on new investment across the Russian energy sector, with limited exceptions for civil nuclear energy and the transport of certain energy products back to the EU," the statement said.

In addition, the EU is banning imports of certain steel products from Russia.

"An EU import ban on those steel products currently under EU safeguard measures amounts to approximately € 3.3 billion in lost export revenue for Russia. Increased import quotas will be distributed to other third countries to compensate," the statement said.

Besides, there is a ban on the rating of Russia and Russian companies by EU credit rating agencies and the provision of rating services to Russian clients, the statement said.

The package of restrictions also bans transactions with certain state-run companies and exports of luxury goods to Russia, as well as increases the number of blacklisted individuals, the European Commission said in a statement.

"The agreed measures are the following: A full prohibition of any transactions with certain Russian State-owned enterprises across different sectors," the statement said.

The EU bans exports of luxury goods (e.g. luxury cars, jewelry, etc.) "to hit Russian elites directly," it said.

"Moreover, the list of sanctioned persons and entities has been further extended to include more oligarchs and business elites linked to the Kremlin," the statement said. "Companies active in military and defense areas" and "actors active in 'disinformation'," will also be blacklisted, it said.

The restrictions will take effect upon publication in the Official Journal of the European Union. EU media outlets said it would be published later on Tuesday.

Meanwhile, the Council of the European Union announced on Tuesday that the EU and a number of other members of the World Trade Organization (WTO) have agreed to deny most favored nation status to Russian products and services in EU markets.

"This will suspend the significant benefits that Russia enjoys as a WTO member," the European Commission, which hailed the decision of the Council of the European Union, said in a statement published in Brussels.

The statement says the measures "are fully justified under WTO law."