It also includes measures that restrict exports of high-tech goods to Russia worth 10,000 million euros (almost 11,000 million dollars) and the freezing of activities of several Russian banks.
This is the first time that the members of the Union approve measures against the Russian energy sector, on which many European countries depend.
The EU imports 45% of its coal from Russia, worth 4 billion euros a year ($4.35 billion).
The embargo will go into effect in early August.
In turn, the list of Russian products that are prohibited from importing into the EU was expanded to include some “raw materials and fundamental materials”, worth an estimated 5.5 billion euros a year (almost 6 billion dollars), in a attempt to hinder the Russian war effort.
In a series of messages on Twitter, the French presidency of the Union also indicated that it prohibits Russian and Belarusian carriers from operating on its territory.
🔴#ukraine | COREPER II approves a new package of sanctions in the context of the Russian aggression against Ukraine.
This very substantial package extends the sanctions against Russia to new areas and notably includes ⤵️ 1/5#EU2022FR pic.twitter.com/njjN0XpGCo
— Présidence française du Conseil de l’UE 🇫🇷🇪🇺 (@Europe2022FR)
April 7, 2022
The black list of people sanctioned by the EU was extended to 200 people with the inclusion of Russian oligarchs and the two daughters of Vladimir Putin, according to documentation that AFP was able to consult.
Russia “will suffer a long descent into economic, financial and technological isolation,” European Commission President Ursula von der Leyen said on Twitter.
#G7 leaders firmly standing together in support of Ukraine, taking further steps to sanction Russia.
Bucha atrocities will be investigated & those responsible brought to justice.
As war continues, Russia faces a long descent into economic, financial & technological isolation.
– Ursula von der Leyen (@vonderleyen)
April 7, 2022