BRUSSELS/Reuters – Tuesday’s formal approval by the European Union of a new round of sanctions on Russia over its invading of Ukraine included bans on Russian investment, luxury goods exports, as well as imports of Russian steel products.

After publication in the EU’s official journal on Tuesday night, the sanctions came into effect. They also placed restrictions on assets belonging to more business leaders that support Russia, such as Roman Abramovich, owner of Chelsea football club.

In a Tuesday statement, the European Commission stated that sanctions include a “reaching ban” on investment in the Russian energy sector.

According to Reuters, despite the fact that Russia’s major oil companies Rosneft (MCX:? Neft) and Transneft will be affected by this measure, EU members will still be able buy oil from them.

The EU executive stated that transactions with certain Russian state-owned companies linked to the Kremlin’s military-industrial complex will be completely banned.

The bloc agreed to the preliminary sanctions Monday. There were no objections before the deadline.

According to the Commission, Russian steel import bans will affect products worth 3.3 billion euro ($3.6 billion).

EU-based companies won’t be allowed to export luxury products worth over 300 euros. This includes jewellery. EU sources also confirmed that the ban on exports will apply to cars with a value exceeding 50,000 Euros.

This package prohibits EU credit rating agency from issuing Russian-related ratings. The Commission claims that this will restrict the EU financial market access of Russian businesses.

These sanctions are the latest in a string of punitive actions that included asset freezes at the Russian central bank as well as exclusions from SWIFT of certain Russian and Belarusian banks.

On Tuesday, the EU agreed to remove Russia from its status as a “most-favoured country” trade status. This opens up to sanctions on Russian imports or tariffs.

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