“First, we will deny Russia the status of most-favoured-nation in our markets. This will revoke important benefits that Russia enjoys as a WTO member. Russian companies will no longer receive privileged treatment in our economies. We will also work to suspend Russia’s membership rights in leading multilateral financial institutions, including the International Monetary Fund and the World Bank. We will ensure that Russia cannot obtain financing, loans, or any other benefits from these institutions. Because 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.
Second, we will continue pressuring Russian elites close to Putin as well as their families and enablers. This is why G7 Finance-, Justice- and Home Affairs Ministers will meet next week to coordinate the task force we set up targeting Putin’s cronies.
Third, we are making sure that the Russian state and its elites cannot use crypto assets to circumvent the sanctions. We will stop the group close to Putin and the architects of his war from using these assets to grow and transfer their wealth.
Fourth, we will ban the export of any EU luxury goods from our countries to Russia, as a direct blow to the Russian elite. Those who sustain Putin’s war machine should no longer be able to enjoy their lavish lifestyle while bombs fall on innocent people in Ukraine.
Fifth, very importantly, we will prohibit the import of key goods in the iron and steel sector from the Russian Federation. This will hit a central sector of Russia’s system, deprive it of billions of export revenues and ensure that our citizens are not subsidising Putin’s war.
Finally, we will propose a big ban on new European investments across Russia’s energy sector. Because we should not be feeding the energy dependency which we want to leave behind us. This ban will cover all investments, technology transfers, financial services, etcetera, for energy exploration and production – and thus have a big impact on Putin.”