The European Union has announced a new round of sanctions against Russia in response to the country's actions in Ukraine.
EU Commission President Ursula von der Leyen said that Russia's membership rights of multilateral institutions including the International Monetary Fund and World Bank would be suspended.
The EU also plans to suspend its privileged trade and economic treatment with Russia, impose a ban on imports of iron and steel sector goods from Russia, and prohibit exports to Russia of EU luxury goods.
EU foreign policy chief Josep Borrell added that he is putting forward proposals for the blacklisting of more Russian oligarchs, businessmen and companies..
In response to the poisoning of Russian opposition leader Alexei Navalny, the EU has announced its intention to impose new sanctions on Russia.
The sanctions will hit those who are active in the steel industry, provide financial services, or sell military products and technology to the Russian state.
They will also target oligarchs, their families, and other prominent business people who provide substantial revenue to the regime. It's unclear exactly when the new listings could be adopted.
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