The European Union (EU) has announced that it has imposed a new package of sanctions on Russia related to Moscow's military campaign in Ukraine.
France, which holds the rotating presidency of the Council of the European Union (EU), on March 14 announced that, after "consulting with international partners", the EU approved the fourth package of sanctions targeting the individuals and entities related to the military operation in Ukraine, as well as certain sectors of the Russian economy".
In addition, France said that the EU had also approved a statement with the World Trade Organization (WTO) "on the suspension of the application of most-favored nation status to Russia and the suspension of the consideration of the application to join the WTO. of Belarus".
If Russia is suspended from most favored nation status, its companies will no longer receive special treatment in the WTO.
Earlier, President Joe Biden on March 11 announced that the US, the European Union (EU) and the G7 (including France, Germany, Italy, Japan, the US, the UK and Canada) would abolish the most favored nation status with Russia, calling it "the next big blow to the Russian economy". Mr. Biden said Russia will "pay the price" for its military campaign in Ukraine.
Most-favoured-nation treatment is a fundamental principle of the World Trade Organization (WTO), in which member countries are treated equally, without discrimination. The abolition of most-favoured-nation status with Russia allows the United States and its allies to impose tariffs on a wide range of Russian goods.
The move by the US and its allies will put further pressure on the Russian economy, which has been hit hard by Western sanctions.
"These are the latest steps we've taken, but they're not the final steps," Biden warned.
The United States and its European allies have imposed sanctions that they previously considered "unlikely" or "last resort" such as embargoes on oil and gas or removing Russia from the international payment system. SWIFT economy, after Moscow launched a special military operation in Ukraine.
According to Bloomberg, Russia has become the most sanctioned country in the world, with 2,778 new orders in just two weeks, bringing the total number of sanctions against the country to 5,530.
On March 8, US President Joe Biden announced that the US would ban the import of Russian oil and gas. On the same day, Britain also announced that it would embargo Russian oil and gas from the end of this year. Meanwhile, the European Union (EU) - the largest customer of the Russian energy industry - has pledged to gradually reduce its dependence on Moscow.
Last week, EU member states agreed to impose further sanctions on 160 individuals and add new restrictions on the export of radio communications and navigation technology. Russian navy.
European Commission President Ursula von der Leyen said the fourth round of sanctions would further isolate Russia "and deplete the resources Russia has used for the war in Ukraine".
Kremlin spokesman Dmitry Peskov said that "the Russian economy is suffering a shock" with "negative consequences". He said this was "unprecedented, there has never been such an economic war against Russia".
President Vladimir Putin declared that Russia is not a country that can accept compromises on its sovereignty for some short-term economic interests, and asserted that Russia will "surmount" the challenges of the West.
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