Von der Leyen said in a statement that Russia’s membership rights of leading multilateral institutions, such as the International Monetary Fund and the World Bank, would be suspended.
“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,” von der Leyen said.
G7 allies will seek next week to coordinate targeting of Putin’s “cronies” and will strive to ensure Russia and its elites cannot use crypto-assets to circumvent sanctions.
The European Union specifically will ban exports to Russia of EU luxury goods, designed as a blow to Russia’s elites.
Finally, the bloc will ban new European investments in Russia’s energy sector.
“This ban will cover all investments, technology transfers, financial services, etc. for energy exploration and production – and thus have a big impact on Putin,” von der Leyen said.
EU goods imports from Russia totalled 145 billion euros ($158.7 billion) in 2019, according to EU statistics office Eurostat, of which 101 billion euros was for oil and gas.