EU approves Russia’s new sanctions as split

The European Union plans to ban imports of finished steel from Russia, which the bloc says is worth about 3.3 billion euros, or $3.6 billion, in lost export revenue for Russia. The EU also intends to ban ratings of Russian and Russian companies and the provision of rating services to Russian customers by EU credit-rating firms, the bloc said.

The measures—in response to Russia’s invasion of Ukraine—do not go far enough as originally proposed by European Commission President Ursula von der Leyen last week. EU diplomats said divisions have begun to re-emerge among member states over how fast to extend Russia’s sanctions. A group of countries led by Poland want more far-reaching measures. Others, including Germany, are urging a more gradual approach, which includes exemptions for energy purchases and some other critical products.

The new restrictions on investments in Russia’s energy sector do not include restrictions on imports of Russian oil or natural gas, two products heavily dependent on European capitals and not yet considered seriously blocked. Instead, they have agreed to a complete ban on new investment in the Russian energy sector, including upgrades to things like upstream oil, gas and coal projects and refineries. The new restrictions are an exception for civilian nuclear power, Block said.

The sanctions will take effect after Tuesday when the full list of sanctions targets are announced.

Mr Abramovich, one of Russia’s highest-profile oligarchs, has already been sanctioned by the UK, where his planned sale to British football team Chelsea FC has been mired in sanctions. Mr. Abramovich’s representative did not comment.

Diplomats said the oligarch would face asset freezes and travel restrictions across the bloc. Mr Abramovich is a citizen of Portugal, a member of the European Union, leaving it to the Portuguese authorities to decide whether he is allowed there.

Governments have the power to temporarily freeze the property of individuals or entities under their jurisdiction without proving them to be criminal. Owners are typically barred from selling or profiting from them until restrictions are lifted or successfully contested. Governments generally cannot proceed to take ownership of property, however, often after lengthy legal proceedings, which require proof of breaking the law. However, the UK government is considering laws that would give it the power to confiscate self-approved properties.