EU Members Agree New Package Of Russia Sanctions

European Union member states have agreed on a fourth package of sanctions against Russia following its invasion of Ukraine, the office of the French EU presidency has announced.

The French presidency said revoking Russia's "most-favored nation" trade status would be part of the package, a move that could open the door to the bloc banning or imposing punitive tariffs on Russian goods and putting Russia on the same level with North Korea or Iran.

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

Chelsea soccer club owner Roman Abramovich and 14 other individuals would also be added to the EU list of sanctioned Russian billionaire oligarchs, diplomats said.

Britain already placed sanctions on Abramovich last week, with an asset freeze and travel ban. Abramovich's net worth was recently estimated at $7.2 billion by Forbes magazine.

European Commission President Ursula von der Leyen has also said the package agreed upon by EU leaders at a summit last week also blocks Russia's access to funds from the International Monetary Fund (IMF) and the World Bank.

The latest sanctions will be formally in place once they have been published in the EU's official journal, which the French presidency said will follow "soon."