UPDATE 1-EU member states agree new sanctions package against Russia

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March 14 (Reuters) – European Union member states have agreed on a fourth set of sanctions against Russia after its invasion of Ukraine, the office of France’s EU presidency wrote on Monday. on Twitter.

Details of the sanctions were not disclosed, but the French presidency said Russia’s “most favored nation” trading status would be revoked.

This could open the door to the bloc banning or imposing punitive tariffs on Russian products and putting Russia on an equal footing with North Korea or Iran.

The sanctions were to include a ban on the import of Russian steel and iron, a ban on the export of luxury goods, including cars worth more than 50,000 euros ($55,000), and a ban investments in oil companies and the energy sector, according to diplomatic sources.

They would also add Chelsea football club owner Roman Abramovich and 14 others to the EU’s list of sanctioned Russian billionaires, diplomats said earlier today.

European Commission President Ursula von der Leyen also said the EU was working to suspend Russia’s membership rights to key multilateral institutions, including the International Monetary Fund and the World Bank.

The final sanctions will be officially in place once they have been published in the Official Journal of the EU, which will follow shortly. ($1 = 0.9117 euros) (Reporting by Bart Meijer and Francesco Guarascio; Editing by Hugh Lawson and Mark Heinrich)

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