EU to adopt new package of EU sanctions against Russia

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The President of the European Commission, Ursula von der Leyen, announced Friday that a new, fourth package of EU sanctions against Russia will be adopted on Saturday.

"Tomorrow, we will take a fourth package of measures to further isolate Russia and drain the resources it uses to finance this barbaric war," von der Leyen confirmed in a statement.

The top EU diplomat indicated that these measures were aimed at ensuring that Russia had fewer resources to conduct a special operation to demilitarize Ukraine.

EU works to suspend Russia from IMF & World Bank

In the same context, she pointed out that the EU intends to achieve the suspension of Russia's rights in the International Monetary Fund and the World Bank.

"We will ensure that Russia cannot obtain financing, loans, or any other benefits from these institutions," von der Leyen said.

The European Commission President claimed that "Russia cannot grossly violate international law and, at the same time, expect to benefit from the privileges of being part of the international economic order."

EU to ban imports of key steel products from Russia

In addition, the EU will ban imports of key products of Russia's steel sector in its new round of sanctions, the statement read.

"This will hit a central sector of Russia's system, deprive it of billions of export revenues, and ensure that our citizens are not subsidizing Putin's war," it added.

This comes as the officials of member states in the European Union agreed to increase sanctions on Russia and Belarus, according to a document released in Versailles on the first day of the EU leaders' summit. 

EU must avoid going to war with Russia

It is noteworthy that on Thursday, the EU's Foreign Policy Chief, Josep Borrell, confirmed that the European Union has reached the limit of its capabilities to impose financial sanctions on Russia.

"With regard to financial sanctions, of course, you can always go further, but we have already reached the limits of what we can do. We did everything we could", Borrell told France Info in light of the wave of Western sanctions on Russia over its special military operation in Ukraine.

The EU, Borrell stressed, "must avoid going to war with Russia because otherwise, it would be the third world war."