President of the European Commission Ursula von der Leyen announced Friday the fourth round of sanctions against Russia and Belarus.

These sanctions seek to suspend Moscow’s “most-favored-nation” trade status under the World Trade Organization and ban exports of EU luxury goods to Russia. The sanctions also seek to ban certain Russian and Belarusian companies and people from trading digital assets in the EU.

By revoking Russia’s “most-favored-nation” status, the EU and its other western allies can impose punitive tariffs on Russian goods. A focal point of the sanctions are the prohibition of Russian imports of iron and steel sector goods, along with a ban on European investments in Russia’s energy sector. Additionally, Russia’s membership rights of the International Monetary Fund and the World Bank are also suspended.

The EU has also made it clear that crypto and other digital assets fall within the confines of the sanctions. The EU stated they are aware of Moscow elites circumventing the sanctions by harboring crypto assets in foreign safe-havens.

Von der Leyen explained the rationale behind banning the export of luxury goods, stating that: “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. … 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.”

In addition to the sanctions, the Commission has also provided €300 million in emergency Macro-Financial Assistance to Ukraine. That is only the initial part of the first €600 million installments under Ukraine’s new €1.2 billion emergency MFA program. The UN human rights office (OHCHR) on Friday confirmed that 549 Ukrainian civilians have been killed by the Russian invasion of Ukraine.