EU, US hits Russia with fourth wave of sanctions targeting its elites

The European Union and the United States have announced a fourth wave of sanctions against Russia for its invasion of Ukraine.

In the fourth wave of sanctions announced on Friday, Luxury goods will no longer be allowed to be exported to Russia. The value of American luxury exports to Russia is about $550 million yearly.

In a statement by the President of the European Union, Ursula von der Leyen, those who sustain President Vladimir Putin’s war machine should no longer be able to enjoy their lavish lifestyle while bombs fall on innocent people in Ukraine.

In a fact sheet by the White House, President Joe Biden will sign an executive order (E.O) that will end the exportation of luxury items to any person located in the Russian Federation.

The sheet noted that Russian elites should no longer be able to reap the gains of this system and squander the resources of the Russian people.