The export ban on European luxury goods is intended as “a blow to the Russian elite,” von der Leyen said. “The financiers of Putin’s war machine are no longer allowed to enjoy their lavish lifestyles as the bombs fall on innocent people in Ukraine,” she said. The finance, interior and justice ministers of the G7 countries will also meet next week to continue the hunt for the elite around Putin.
In addition, the G7 countries revoke Russia’s most favored nation status. This allows tariffs to be levied on a wide range of Russian goods. The G7 also wants to block Russia’s funding from international institutions such as the World Bank and the IMF.
Finally, the G7 is also taking measures to prevent the circumvention of sanctions via cryptocurrencies and a ban on the import of key goods in the iron and steel sector from Russia. “This will hit a central sector of the Russian system and deprive the country of billions in export revenues,” said von der Leyen. Finally, she will also propose a ban on new European investments in the Russian energy sector.